Despite the win, legal battles loom.
At least a half-million viewers watched Tesla's shareholder meeting on the livestream on X, while 40,000 watched on YouTube., the electric vehicle-maker said on June 13, a big thumbs-up to his leadership and an incentive to keep his focus on his biggest source of wealth.
He had tipped off late on June 12 that the proposals were garnering huge support. The approval does not, however, resolve a lawsuit on the pay package in a Delaware court, which some legal experts think could stretch out for months. The judge invalidated the pay package in January, describing it as “unfathomable.” Mr Musk may also face fresh lawsuits on the package, which would be the largest in US corporate history. Shareholders had voted for this package in 2018.
Shareholders did increase the level of investor control by passing proposals in favor of shortening board terms to one year and lowering voting requirements for proposals to a simple majority, despite board opposition to both. Shareholder approval for the compensation serves as both an endorsement of Mr Musk’s tenure and an acknowledgment that investors do not want to risk the company’s future.
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