Under CEO Elon Musk, Tesla has been credited with revolutionizing the auto industry, jump-starting the electric revolution, and racking up billions in profit in the process. Now Musk is set for a record payday worth around $50 billion, after the electric car companyâs shareholders approved a compensation plan that had been previously blocked by a federal judge.
The preliminary outcome of the vote was announced Thursday afternoon during an annual shareholder meeting at Teslaâs newest auto and battery factory in Austin, Texas.
The setting was apropos: Shareholders also approved a measure to move Teslaâs corporate registration away from Delaware and to Texas. The companyâs board argued that Delawareâs court systemâwhere a judge struck down Muskâs pay scheme in Januaryâhas been unfair to Tesla.
âHot damn, I love you guys,â an ebullient Musk…
