One of the world's richest men gets what he wants. Tesla's shareholders have approved CEO Elon Musk's disputed remuneration package worth hundreds of billions.
Tesla has lobbied hard to get the green light for the super salary, including in posts on the Musk-owned platform X.
And already ahead of Thursday's AGM, Musk announced that he had received "overwhelming" support from shareholders. This was confirmed at 23:00 Swedish time during the AGM.
This is about a remuneration package, currently worth around 500 billion kronor, which owner and CEO Musk received in 2018. A court later rejected the package – making it a question for the shareholders.
The shareholders' yes does not mean Musk can immediately lay his hands on the money. However, it gives him and Tesla confidence in the ongoing process to overturn the court ruling.
Several of those who have backed the remuneration have described it as a necessary carrot to keep Musk in the company.
Among the heavyweight shareholders who have opposed the remuneration package and said no is the Norwegian oil fund. Another critic is the California State Teachers' Retirement System, which has described the remuneration as "absurd".
Also on the AGM agenda was a proposal to move the company's registration from Delaware to Texas, where the headquarters is located. This also got the green light.
