Business & Tech
Tesla Shareholders Approve $46 Billion Pay Package For CEO Elon Musk
With Musk trumpeting his apparent win ahead of the final tally, shareholders sent the stock up 3% in Thursday trading.
June 14, 2024
In the history of U.S. corporate pay packages, there have been plenty of massive payouts worth almost $1 billion in today's dollars. But none comes close to the $46 billion pay deal Tesla shareholders on Thursday handed to CEO Elon Musk.
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The results of the shareholder vote, which concluded today, were announced during Tesla's annual meeting, prompting a standing ovation from shareholders attending the Thursday event at Tesla's headquarters in Austin, Texas. Musk had already declared victory, writing late Wednesday on his social media platform X that shareholders were voting to approve the pay package by "wide margins."
"Hot damn, I love you guys," an exultant Musk said at the shareholder meeting after the vote results were announced. He also capitalized on the occasion to tout Tesla's success in selling electric vehicles and what that means for the fight against climate change.
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