Tesla shareholders confirmed a pay award worth more than $45 billion to Elon Musk on Thursday, but before the announcement was made official at the company’s annual meeting in Austin, Texas, Mr. Musk broke the news on X, the its social networking platform.
“Both Tesla shareholder resolutions currently pass by wide margins!” he wrote in a post late Wednesday night. “Thanks for the support!!”
For months, supporters of Mr. Musk have used the social networking site, which he bought for $44 billion in 2022, to argue for his massive payday, and Tesla board members have warned that he could leave the company if the shareholders vote against him.
But for some Tesla investors, Mr. Musk’s involvement with X has been a major cause for concern, prompting complaints that his pay package has taken attention away from Tesla and other ventures. Mr Musk has also used the platform to promote right-wing conspiracy theories and vulgar content, offending some of his employees and investors.
At X, shareholder approval of the pay package was met with praise from Mr. Musk’s legion of supporters — some cheering before the official vote was announced. They included retail investors, friends in the tech industry and media personalities.
“Congratulations on getting paid what you’re owed!” wrote Jason Calacanis, a prominent tech investor and podcast host who is close to Mr. Musk.
“The most important message of the vote,” wrote Alex Voigt, a blogger and YouTube personality, “is that Elon now knows he has the support of 90% of retail investors and 73% of all stocks, and that matters for him. personally and for the future of Tesla.”
“It means a lot,” Mr. Musk replied.
“Looks like Tesla shareholders approve Elon’s CEO package by a wide margin — good for them,” wrote Lulu Cheng Meservey, a tech executive with 80,000 followers on the platform. “People with real skin in the game can see the business sense that a Delaware judge blinded by her personal agenda could not.”
“The vast majority of Tesla shareholders approved Elon’s PC package in 2018 and have re-approved it now. An activist judge struck it down for no reason. Lawyers asking for billions in fees should get nothing,” wrote David Sachs, a Silicon Valley technology investor who is also close to Mr. Musk.
Mr. Musk’s critics also participated, though in smaller numbers.
“It’s official – Tesla shareholders are the dumbest people walking the face of the planet,” read one poster.
But many Tesla shareholders who had been critical of the pay package in the weeks leading up to the vote remained mostly silent in the hours after the decision.
