Tesla shareholders voted to approve billionaire CEO Elon Musk’s roughly $50 billion pay package at the company’s annual shareholder meeting Thursday, as the electric vehicle maker still seeks to appeal a Delaware judge’s decision to void the record-setting deal earlier this year, which for now still holds up the package.
Musk's award is roughly valued at $50 billion. (Photo by Frederic J. BROWN / AFP)
The vote will likely be used as part of the company’s challenge against Delaware Court of Chancery Judge Kathaleen McCormick, who has characterized Musk’s award as “unfathomable.”
Shareholders also approved Tesla’s redomestication from Delaware to Texas, a transition Musk pushed for after his compensation deal was voided by McCormick in January, when he tweeted, “Never incorporate your company in the state of Delaware.”
This is a developing story. Check back for updates.