Tesla shareholders voted Thursday to restore CEO Elon Musk’s record $44.9 billion pay package that was thrown out by a Delaware judge earlier this year, sending a strong vote of confidence in his leadership of the electric vehicle maker.
The favorable vote doesn’t necessarily mean that Musk will get the all-stock compensation anytime soon. The package is likely to remain tied up in the Delaware Chancery Court and Supreme Court for months as Tesla tries to overturn the Delaware judge’s rejection.
Musk has raised doubts about his future with Tesla this year, writing on X, the social media platform he owns, that he wanted a 25% stake in the company in order to stop him from taking artificial intelligence development elsewhere. The higher stake is needed to control the use of AI, he has said.
The fools
I guess if you’re hanging on to your Tesla stock at this point you must have some faith in Musk?
I’m not sure about that. It sure feels like if they had a “normal” CEO, the stock price would tank. The crazies who believe in him are the only thing keeping that stock price up. Voting him out (not voting for his pay package) would, I bet, result in a big stock price correction downward.
Eventually all Ponzi schemes collapse.
But not because the suckers with skin already in the game vote to crash it.
Instead they just voted for massive stock dilution in order to hand a greater share of the company to Elon. That will definitely also affect the price.