
Photo: Tesla shareholders approved Musk’s sky-high pay package, but he still faces legal challenges. \AFP
[Ta Kung Pao News]According to the Wall Street Journal: Tesla shareholders, the US electric car giant, voted on the 13th to approve CEO Musk’s $56 billion (about HK$436.8 billion) salary package. US media said this was a referendum on Musk’s future position at Tesla.
Tesla’s annual shareholders meeting was held in Austin, Texas on the 13th, where shareholders voted to approve Musk’s sky-high compensation plan. After the results were announced, Musk appeared on the stage, dancing and saying, “Oh my God, I love you so much.” Tesla shareholders also voted to move the company’s legal registration from Delaware to Texas.
Tesla’s board of directors approved Musk’s 10-year long-term compensation plan in 2018. If Musk can achieve business goals, he will receive a cumulative 12% of Tesla’s stock options as a reward, which was worth about $56 billion at the time. In January this year, a Delaware judge ruled that the compensation plan was invalid on the grounds that Musk’s close relationship with several board members led to serious flaws in the entire approval process. The shareholder vote cannot overturn the judge’s ruling, but it provides Tesla’s lawyers with a bargaining chip to challenge the ruling.
Musk has been involved in a sex scandal recently. The Wall Street Journal revealed on the 12th that Musk had had sexual relations with several female employees of SpaceX, his company. On the same day, eight former employees sued SpaceX and Musk in Los Angeles, claiming that they were illegally fired for pointing out sexual harassment and discrimination against women in the company. The employees said that they had published an open letter stating that Musk was “distracting and embarrassing” and urged management to draw a line between Musk’s sexually suggestive remarks on social media, and Musk subsequently ordered them to be fired in 2022. SpaceX denies any wrongdoing.
source: china