LIVE TV
HomePhotos NewsBusiness NewsCompanies NewsAhead of Tesla AGM, Elon Musk says his $56 billion compensation will win by 'wide margins'

Ahead of Tesla AGM, Elon Musk says his $56 billion compensation will win by 'wide margins'

SUMMARY

Shares of Tesla jumped nearly 4% a day before the company's annual general meeting on June 13. Two important proposals would be put to vote at the AGM. First, a $56 billion compensation for CEO Elon Musk and the second proposal would be to move electric car maker's headquarters to Texas. Musk says both proposals are likely to be passed with 'wide margins'.

Profile imageBy CNBCTV18.com June 13, 2024, 10:45:33 AM IST (Updated)
2 Min Read
The Board of Directors at Tesla had approved a $55.8 billion compensation for Chief Executive Officer (CEO) Elon Musk in 2018. A Delaware judge struck the proposal down in January 2024. On April 17, 2024, Tesla filed a proxy statement asking shareholders to approve the same compensation package that was rejected by the court. Today, Elon Musk has tweeted that the resolution have been passed with wide margins. Photo: Bloomberg
Image count1 / 6

The Board of Directors at Tesla had approved a $55.8 billion compensation for Chief Executive Officer (CEO) Elon Musk in 2018. A Delaware judge struck the proposal down in January 2024. On April 17, 2024, Tesla filed a proxy statement asking shareholders to approve the same compensation package that was rejected by the court. Today, Elon Musk has tweeted that the resolution have been passed with wide margins. Photo: Bloomberg

The second proposal cited by Musk in his post on X, the social media platform earlier called Twitter, is the proposal to shift electric car maker's headquarters to Texas. That too has the most shareholders' blessings, the 52-year-old billionaire said. 
Image count2 / 6

The second proposal cited by Musk in his post on X, the social media platform earlier called Twitter, is the proposal to shift electric car maker's headquarters to Texas. That too has the most shareholders' blessings, the 52-year-old billionaire said. Musk is the world's richest man with a net worth of over $200 billion, according to real-time data on Forbes on June 12.

“This doesn’t fully settle the matter; the compensation package can still be deemed illegal,” analyst Alexander Potter of Piper Sandler wrote in a note to clients late Wednesday, according to Bloomberg. Both proposals will be put up before the shareholders at Tesla's annual general meeting on June 13.  (Image: Reuters)
Image count3 / 6

“This doesn’t fully settle the matter; the compensation package can still be deemed illegal,” analyst Alexander Potter of Piper Sandler wrote in a note to clients late Wednesday, according to Bloomberg. Both proposals will be put up before the shareholders at Tesla's annual general meeting on June 13.  (Image: Reuters)

Musk is the world's richest man with a net worth of over $200 billion, according to real-time data on Forbes on June 12. He owns six companies including electric car maker Tesla, rocket producer SpaceX and tunneling startup Boring Company. He owns about 12% of Tesla excluding options, but more than half his stake is pledged as collateral for personal loans of up to $3.5 billion. Image: REUTERS
Image count4 / 6

Musk is the world's richest man with a net worth of over $200 billion, according to real-time data on Forbes on June 12. He owns six companies including electric car maker Tesla, rocket producer SpaceX and tunneling startup Boring Company. He owns about 12% of Tesla excluding options, but more than half his stake is pledged as collateral for personal loans of up to $3.5 billion. Image: REUTERS

While institutional investors like Norway’s sovereign wealth fund, Norges Bank, and California Public Employees’ Retirement System oppose the $56 billion compensation for Musk, there are others like Ron Baron, a long-time investor in Tesla, who believes there would be no Tesla without Musk.  Image: REUTERS/Joe Skipper.
Image count5 / 6

While institutional investors like Norway’s sovereign wealth fund, Norges Bank, and California Public Employees’ Retirement System oppose the $56 billion compensation for Musk, there are others like Ron Baron, a long-time investor in Tesla, who believes there would be no Tesla without Musk.  Image: REUTERS/Joe Skipper.

The shareholder meeting will be livestreamed Thursday starting at 4:30 p.m. New York time. If the shareholders do approve the proposed compensation for the billionaire, it would be the fattest salary for any CEO in the US.
Image count6 / 6

The shareholder meeting will be livestreamed Thursday starting at 4:30 p.m. New York time. If the shareholders do approve the proposed compensation for the billionaire, it would be the fattest salary for any CEO in the US.

Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
arrow down