Tesla shareholders voted to reaffirm a large pay package for Elon Musk estimated to be worth over $48 billion dollars on Thursday.
Musk’s package was put to a shareholder vote after Chancellor Kathaleen St. Jude McCormick ruled Jan. 30 that the board of directors for the electric car company failed to provide sufficient justification for the payout to Musk, who also owns X, the social media site formerly known as Twitter, and is CEO of SpaceX, according to USA Today. Shareholders also approved a plan to reincorporate the carmaker in Texas at the meeting where Musk’s compensation, now estimated to be worth $48 billion, was reaffirmed, The Wall Street Journal reported. (RELATED: Kevin O’Leary Says Judge’s Ruling Blocking Elon Musk’s $56 Billion Pay Package Should Go Before SCOTUS)
Both Tesla shareholder resolutions are currently passing by wide margins!
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