Tesla shareholders have voted to ratify CEO Elon Musk’s 2018 compensation package, which was previously rescinded by a Delaware judge in January.
During the annual meeting in Austin, Texas, shareholders voted in Musk’s favour.
Following Musk’s announcement that shareholders were likely to approve his pay package and a resolution to relocate the company’s incorporation to Texas, Tesla’s shares increased.
The vote endorsing the compensation plan does not supersede the court’s decision, yet it offers a public relations triumph for Musk and may aid his endeavor to persuade a court to grant him his performance options eventually.
Nice work if you can get it!