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- Tesla shareholders voted at the annual general meeting for the $56 billion compensation package for CEO Elon Musk.
- The shareholders also approved the move from Delaware to Texas as the company’s legal headquarters, Tesla announced on Thursday.
- Approval of Musk’s compensation is seen as a kind of vote of confidence from investors.
56 billion dollars corresponds to the economic output of Iceland and Malta combined. The package had previously been overturned by a court in Delaware.
Musk had already announced the evening before that a large majority of shareholders wanted to approve the proposals. Tesla had previously campaigned heavily for a “yes” vote.
Executives at the electric carmaker posted on X saying Musk was critical to Tesla’s success. Tesla ran ads on social media and hosted factory tours.
The vote was also seen as a referendum on Musk’s leadership skills. Investors fear that he is distracted by his other companies such as SpaceX, Neuralink and X and that his often controversial comments are damaging Tesla’s reputation and sales.
Legend:
Elon Musk with the Tesla truck in Texas.
Keystone/Eric Gay
In the first quarter, the electric car pioneer’s sales figures fell for the first time in four years. This is due to the current weakness in the electric car market and increasing competition from established car manufacturers and new rivals from China. In addition, the model range is now comparatively old and has gaps.
SRF 4 News, 14.06.2024, 2 a.m.; agencies/grej
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