Elon Musk hailed ‘the most awesome shareholder base’ after Tesla investors backed his record-breaking £44billion pay deal.
Despite opposition from major investors, 77 per cent of shareholders backed the largest pay award in US history.
Influential proxy advisers, Institutional Shareholder Services and Glass Lewis, opposed the deal and Tesla’s eighth-largest shareholder, Norway’s sovereign wealth fund, came out against the package.
But after the pay deal was finally approved at the annual shareholder meeting in Austin, Texas, Musk took to the stage and said: ‘I just want to start off by saying, hot damn, I love you guys. We have the most awesome shareholder base of any public company.’
Critics of the pay deal have voiced concerns about Musk’s erratic behaviour and ability to commit given his roles in other firms including social media platform X, formerly called Twitter.
Record award: But critics of the pay deal have voiced concerns about Elon Musk’s erratic behaviour
A Delaware judge voided the package in January, deciding it had been inappropriately set by the board. The deal was agreed six years ago and linked to performance targets.
But the Delaware judge will now scrutinise the vote and must decide if Musk, 52, improperly influenced the result.
Shareholders also agreed for the company to move its legal home to Texas from Delaware.
Musk posted on X that he had sent a cake decorated with the Latin phrase ‘vox populi vox dei’ – meaning ‘the voice of the people is the voice of God’ – to Delaware as a ‘parting gift’.
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