Vince Musk: Tesla shareholders have approved the super bonus of over 50 billion dollars to be assigned to number 1. But there is still a court appeal pending…
Vince Musk, who moves the headquarters to Texas, where the law is more favorable to managers
Elon Musk brought home the result: for the second time Tesla shareholders (with a majority of 77%) voted the super bonus of over 50 billion dollars in his favour. Even if it is not certain that he will be able to collect it: it will still depend on the court of Deleware, who had blocked him five years ago upon appeal by a small shareholder.
At the same meeting, the members gave the green light to relocation of the headquarters of Tesla in Texas, where the legislation is much more favorable to managers’ policies. For the controversial South African entrepreneur, this is a stage victory, albeit a significant one. The first vote at the meeting took place in 2018, with the assignment of a package of shares with a stock market value of 56 billion dollars, today dropped to 50 billion after the decline in shares on Wall Street. Awarded for achieving a number of record results over a ten-year period.
The disputed superbonus could shift resources from Tesla to SpaceX, Starlink and artificial intelligence
A decision long disputed by some investors, including by large international funds. The motivation? It takes resources away from the development of the electric car to allocate them to others Musk’s industrial “adventures”, from SpaceX to Starlink. Strengthened by these considerations, last January a small shareholder obtained from the Deleware court to freeze Musk’s superbonus. The same court that will now have to evaluate whether the new vote can be considered as unequivocal proof of the will of the shareholders.
Not only that: the decision was contested because Musk as a member of the board of directors would have had too much influence in making the decision of the superbonus in his favor. At the moment, Tesla has not yet communicated in detail the outcome of the vote and the percentage of favorable votes.
In 2018, a 73% majority of voters voted in favor of the granting of the share package to Musk. In fact, with a higher share, even if only slightly, his position in court should be strengthened.
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