Cosmic remuneration for Elon Musk. A world record was broken

Tesla shareholders approved a record remuneration package for CEO Elon Musk in the amount of approximately $56 billion and at the same time approved the company’s plan to register in Texas. – Damn, I love you – Musk is reported to have said to shareholders during the general meeting. “The remuneration package gives Musk the rights to approximately 300 million shares – equivalent to 10% of the company’s shares – as a reward for Tesla achieving a number of goals set in 2018, which are linked to sales, profits and share price,” it says .

A gigantic remuneration package for Elon Musk

The approval of the massive pay package underscores the support Musk enjoys from Tesla’s retail investors, many of whom are ardent fans of the billionaire, he said. The proposal was approved despite opposition from some large institutional investors. On stage at the annual shareholder meeting in Austin, Texas, Musk described himself as pathologically optimistic. – If I wasn’t an optimist, this wouldn’t exist, this factory wouldn’t exist, said the billionaire. However, a “yes” vote from shareholders does not resolve the dispute over the pay package in a Delaware court, which some legal experts say could drag on for months.

Lawyer: Voting doesn’t change anything

Recall that Kathaleen McCormick ruled that the amount was “unfair”, too high and overestimated, and that the process of determining the package by the Musk-dominated board was “deeply flawed.” – Voting doesn’t change anything. It only gives Tesla the opportunity to use it to obtain a better court decision in the future, said Mathieu Shapiro, managing partner at Obermayer Rebmann Maxwell & Hippel. – It’s not over yet, added Brian Quinn, a professor at Boston College Law School. He estimated that a judge from the state of Delaware will now analyze the vote and require Tesla to prove that “Musk did not force the approval of the package or exert undue influence on the process.”