Electric car manufacturer Tesla requested that shareholders allocate the rejected $56 billion salary and bonus package for the company’s CEO, Elon Musk.
In a court ruling in January in Delaware, it was determined that Elon Musk could not receive the $56 billion salary and bonus package granted by the Tesla board of directors.
While asking shareholders to reconsider the $56 billion salary and bonus package for CEO Elon Musk, which was rejected by a Delaware judge earlier this year, Tesla also sought authorization to move the corporate headquarters to Texas.
Letter sent to shareholders In a letter sent to shareholders, Tesla’s General Counsel, Robyn Denholm, stated that Musk had delivered the expected growth at the carmaker and met all stock price and operational targets set out in Tesla’s 2018 strategy.
Denholm mentioned that the proposed payment package for Musk had been approved by shareholders and reported that the company’s shares had increased by 571% so far.
The letter noted that no payments had been made to Musk for any work that had helped drive significant growth and share value for Tesla over the past six years.
Shareholders to vote on June 13 The innovations introduced within the company will be voted on by shareholders at the annual meeting on June 13.
Based in Austin, Texas, the electric car manufacturer Tesla has faced challenging times this year, with its stock price dropping by 37% due to declining global sales, slowing demand for electric vehicles, and an aging model lineup.
