Tesla shareholders have approved CEO Elon Musk of the electric car giant's $56 billion compensation package-now worth $44.9 billion-and a proposal to reincorporate the company from Delaware to Texas, reported the Wall Street Journal Thursday. The vote passed with 73 percent of the vote, said Tesla, ending any dispute of Musk's 2018 compensation deal that has seen Tesla stock drop almost 25 percent this year, lowering the estimated value to $44.9 billion by the end of April.
Tesla issued a statement putting into spotlight the overwhelming votes of shareholders to ratify its CEO Performance Award in 2018 and the relocation of the electric car-maker into the Lone Star State. It further clarified that the performance-based stock option award approved by shareholders in 2018, with certain conditions, was once again reaffirmed through the company's latest shareholder meeting on Thursday.
He also reassured the investors of his continued commitment to Tesla: the compensation was non-cash, and he could not sell Tesla stock over the next five years. "It's not actually cash, and I can't cut and run, nor would I want to," Musk told the shareholders.
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