Netizens rejoice as Elon Musk says Tesla shareholders voting to approve $56bn pay package: ‘You earned it buddy’

Elon Musk has revealed on social media that Tesla shareholders are voting to approve a $56 billion pay package for him. They are also voting to move the electric vehicle maker’s legal home to Texas,

A judge in a Delaware court previously voided the 2018 pay package plan saying the board was “beholden” to Musk, the CEO. The package plan was the largest in US corporate history at the time. However, a yes vote now will give the electric carmaker more ammunition in the court.

For the board and Musk, this is a huge win. In an attempt to gain shareholder approval, they have put their credibility on the line although they faced opposition from investors like Glass Lewis and Institutional Shareholder Services (ISS).

“Both Tesla shareholder resolutions are currently passing by wide margins!” Musk wrote in the recent post. “Thanks for your support!!”

The result is set to be announced on Thursday, June 13, at Tesla’s headquarters in Texas at 4:30 pm ET. According to a source familiar with the preliminary voting tally, a combination of major institutional investors and retail investors received the “yes” result, but then shareholders have the power to change their vote up to the beginning of the annual meeting.

‘You earned it buddy’

In the comment section of Musk’s X post, many praised him and expressed their support, with one user saying, “We will go through hell and high water and still support you my friend.” “Well deserved, Captain! Keep pushing forward and use the haters’ scorn as fuel to achieve even more. Thank you for all you do @elonmusk,” one user said, while another wrote, “This is the literal best news”.

“You deserve it. You earned those votes,” one user said, while another wrote, “This is fantastic news!!! Tomorrow will be a good day.” “You earned it buddy! Thank you for making the world a better place!” one said.