Musk’s small-investor army cheers approval of US$56bil Tesla pay package


“We have the most awesome shareholder base,” Musk said at the shareholder meeting after the vote was announced. — Reuters

SAN FRANCISCO: Elon Musk’s army of small-investor allies took a victory lap on Thursday as the Tesla CEO won a critical shareholder vote for his US$56bil pay package despite opposition from major institutions.

Mom-and-pop investors, who hold an unusually high share of the electric-vehicle maker, are typically apathetic toward voting. But in an unusual show of support, many had been campaigning on social media for weeks for the celebrity billionaire CEO’s pay to be reinstated after a Delaware judge voided it in January because she found that Musk had improperly controlled the process.

Subscribe now for a chance to win your dream holiday!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Wall Street set to fall as megacap chip, tech stocks tumble
Mercedes-Benz unit partners with Starbucks for fast-charging stations in US
Hong Seng Consolidated acquires Hong Seng Frontier for RM45mil
Berjaya Rail joins Malaysia Rail Industry Corp as new member
BIG Industries announces cessation of concrete division
Zhulian expects inflationary pressures to impact consumer spending
Ringgit strengthens against US dollar, rally expected until year-end
ILB Group to purchase solar assets totalling RM98mil
PGF Capital partners with Centria for exclusive distribution in Malaysia
Pavilion REIT posts RM67mil net profit in 2Q, declares 4.53 sen dividend

Others Also Read