Tesla CEO Elon Musk’s compensation plan was struck down by a Delaware state court in January 2024.Photo: Justin Sullivan (Getty Images)
Update: Tesla shareholders voted for Elon Musk to get his billions. What comes next?
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Tesla will finally reveal on Thursday how shareholders voted on a series of high-profile measures that could decide the future of the electric vehicle maker — and CEO Elon Musk’s role at the company.
Voting ahead of Tesla’s annual shareholder meeting closed Wednesday night, leaving the company to count up the votes. The meeting starts at 3:30 p.m. CT, or 4:30 p.m. ET.
The event takes place at Tesla’s factory near Austin, Texas, where it makes the Cybertruck electric pickup and the Model Y SUV. Although many shareholders will attend in person, outside observers and those unable to make the trip can view a YouTube livestream (embedded below) that will go live shortly before the meeting officially kicks off.
Read More: Elon Musk’s $46 billion Tesla pay plan faces a big vote today. Here’s what you need to know
The main measure on the ballot Thursday is the reapproval of Musk’s $46 billion pay package — the biggest executive compensation plan in U.S. history — which was shot down by a Delaware court in January. In the somewhat unlikely event that shareholders reject the proposal, analysts have speculated that Musk may depart Tesla.
Also on the ballot is a possible reincorporation Tesla in Texas, where it is headquartered. Musk first proposed the move after his compensation package was shot down in Delaware, where the company is currently incorporated in.
On Wednesday night, shortly before the polls closed, Musk wrote on X thanking his supporters for their votes. “Both Tesla shareholder resolutions are currently passing by wide margins!” Musk wrote, sending Tesla stock higher.
Shareholders will also vote on reappointing Kimbal Musk — Elon Musk’s brother — and former 21st Century Fox CEO James Murdoch to Tesla’s board. The Delaware judge overseeing the shareholder lawsuit that invalidated Musk’s compensation cited a “deeply flawed” approval process and Musk’s “extensive ties” to members of the board in her decision.
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