JUST IN: Elon Musk Wins $56 Billion Tesla Pay Package......70% Larger Than Nigeria’s External Reserve
JUST IN: Elon Musk Wins $56 Billion Tesla Pay Package……70% Larger Than Nigeria’s External Reserve—Elon Musk, the billionaire CEO of Tesla and owner of the social media platform X, has successfully secured shareholder approval for his substantial compensation package.
Tesla shareholders reiterated their support for Musk’s $56 billion pay deal and have given the green light for the company’s relocation to Texas, reflecting strong confidence in Musk amid his ongoing legal battles.
During Tesla’s annual shareholder meeting in Austin, Texas, Musk expressed his gratitude, saying, “Hot damn I love you guys,” after the votes were counted.
The pay plan, now valued at approximately $48 billion, had originally received 73% support six years ago but later annulled by a Delaware judge. The company did not immediately release the percentage of shareholders who voted for or against the compensation package.
Musk had earlier in the day indicated that both proposals were “passing by wide margins.”
To provide perspective, Musk’s compensation package is nearly as large as the entire market value of the Nigerian Stock Exchange, which is N56.4 trillion (approximately $38.9 billion).
It also exceeds Nigeria’s external reserve by 69.9% (approx. 70%), which is around $33 billion, highlighting the immense scale of Musk’s compensation in a global financial context.
Broad support from Tesla Board
Tesla’s board, led by Chair Robyn Denholm, has strongly supported Musk’s compensation.
Denholm wrote an open letter to shareholders emphasizing the importance of retaining and motivating Musk, highlighting his critical role in Tesla’s growth.
But smaller shareholder groups and significant investors like Norway’s $1.7 trillion sovereign wealth fund and the California State Teachers’ Retirement System opposed the package, citing concerns over its size and structure
Legal battles remain
The outcome of the shareholder vote might not resolve all corporate governance issues at Tesla.
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