The CEO of Tesla company Elon Musk is to receive a whopping $56 billion dollar as his pay package. The company’s stakeholders have approved the amount which is currently valued at 44. billion dollars the company’s CEO. The stakeholders have also approved the plan to incorporate the company in the Texas state in the US moving it from Delaware.
With 73% of the vote, the Tesla board approved Musk’s 2018 compensation plan, the firm reports.
The previous time the firm assessed Musk’s package was in April when the shares of Tesla fell by about 25%.
The electric vehicle manufacturer released a statement. They have announced that “Tesla stockholders overwhelmingly approved the ratification of the 2018 CEO Performance Award and the re-domestication of the company to Texas.”
The request from Tesla to confirm the 100% performance-based stock option award to Musk was authorized by the stockholders in 2018. It is finally approved by the stockholders.
The tech tycoon Elon Musk made a promise to investors at Tesla’s late-night meeting on Thursday. He said that he would not be leaving the firm despite being prohibited from selling stock for five years.
He informed the stockholders, “It’s not really cash, and I can’t cut and run, nor would I want to.”
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