Tesla shareholders approve Elon Musk’s $56B pay package
NY Post
Tesla shareholders gave a big thumbs-up to CEO Elon Musk’s controversial $56 billion pay package, the company said on Thursday – paving the way for the mogul to keep his focus on his biggest source of wealth.
Shareholders also approved a proposal to move the company’s legal home to Texas from Delaware, Tesla said at its annual shareholder meeting in Austin, Texas.
Musk had tipped off late on Wednesday that the proposals were garnering huge support and thanked shareholders – sending the electric vehicle company’s stock soaring by as much as 6% after Thursday’s opening bell.
Tesla ended the day at $182.47, up nearly 3%.
The approval marks a “pop the champagne moment for Musk and Tesla shareholders,” according to Wedbush analyst Daniel Ives.
“This removes a $20-$25 overhang on the stock in our opinion that has weighed on shares since the head-scratching Delaware ruling set this Twilight Zone soap opera on earlier this year,” Ives said in a note to clients.
