Tesla CEO Elon Musk's $56 billion pay package garnered support from about 77% of votes cast at its annual shareholder meeting, according to a company filing on Friday.
Tesla stock has declined by close to 29% this year, considerably underperforming the broader S&P 500, which gained 14% over the same period. This downturn in Tesla's stock contrasts sharply with the performance of legacy auto major General Motors, whose stock has gained more than 35% this year.
Tesla shareholders' TSLA 2.92%increase; green up pointing triangle backing of Elon Musk's multibillion-dollar compensation package helps clarify his immediate future atop the world's most valuable automaker. Now the electric-car company has to figure out how to pay him.
Tesla shareholders have approved Elon Musk's multi-billion-dollar pay package.
Tesla shareholders approved CEO Elon Musk's $56 billion pay package in a what was seen as an endorsement of his leadership, but the electric car maker's stock remains richly valued even after several years of weakness in shares.
Ark Investment Management is run by Cathie Wood, who recently called Tesla the biggest artificial intelligence (AI) play in the world. Ark released a new set of forecasts for Tesla, suggesting its stock could soar to $2,600 by 2029 thanks to its full self-driving technology.
China's market regulator said on Friday that Tesla would fix software in 5,836 imported Model 3, Model S and Model X cars from July, citing safety issues.
Tesla shareholders voted in favor of a huge compensation package for CEO Elon Musk, endorsing the potential windfall after a Delaware court invalidated it, a company official said Thursday.
Norway's $1.7 trillion wealth fund, a top shareholder in Tesla , will continue "a constructive dialogue" with the automaker after its annual general meeting endorsed CEO Elon Musk's $56 billion pay package.
Tesla Inc (NASDAQ:TSLA) shareholders have approved a record-breaking $56 billion pay package for CEO Elon Musk and a plan to relocate the company's headquarters to Texas. The pay package had faced a legal challenge earlier this year amid claims it was unfair to shareholders.
Tesla's shareholders approved Elon Musk's $55 billion pay package and the company's move to Texas. Wedbush analyst Dan Ives called the result a "pop the champagne moment" for Tesla investors.
Tesla shareholders have approved Elon Musk's $56bn (£44bn) pay package.