Tesla shareholders have voted to ratify CEO Elon Musk’s mega 2018 pay package, which is said to be worth $56 billion (RM267 billion). It comes after Tesla board chair Robyn Denholm said that the Musk might leave if he is denied the compensation, in a final appeal to the shareholders.
This is the second time they are voting on the CEO’s salary after a judge from Delaware state voided the first one earlier this year on the grounds that the approval process was “deeply flawed”. While this vote doesn’t override that, it provides a PR victory for Musk and could help his effort to sway a court to give him his performance options in the future, CNBC reports.
A happy Musk took the stage after the preliminary results and said, “I just want to start off by saying hot d—! I love you guys.”
The annual meeting in Austin, Texas also saw final votes on other proposals, including an effort by Musk to move Tesla’s site of incorporation out of Delaware – where most large publicly traded companies are incorporated -and into Texas, home to the automaker’s largest US factory. Shareholders voted in favour of this move.
At the meeting, Musk promised Tesla shareholders that the company is making great progress on developing ‘vehicle autonomy’ or systems to turn existing Tesla cars into self-driving vehicles, which he believes can ’10x the value of the company’.
However, he has been promising such autonomous technology since 2016 and has yet to deliver, while companies such as Pony.ai, Didi and Waymo have developed robotaxis and already operate commercial services with them, CNBC points out.
Musk also declared Tesla’s ambition to create a ridehailing network with its cars equipped with self-driving systems, although he didn’t share timelines. “There’ll be some cars that Tesla owns itself. But then for the fleet that is owned by our customers, it will be like an Airbnb thing. You can add or subtract your car to the fleet whenever you want,” he said.
The charismatic CEO also promised that Tesla would move into “limited production” of Optimus in 2025 and test out the humanoid robots in its own factories next year. Next year, there will be “over 1,000, or a few thousand, Optimus robots working at Tesla,” he said.
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if i have that pay, i will use part of it to subsidise petrol and diesel for all Malaysians.
When you subsidise diesel or petrol, oil companies benefit. They get to sell more of their product.
Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime
Given the money, we are more than willing to sacrifice our unsubsidised fuel to pay Elon become PMXi and replace our useless, inept & kleptocratic PMX and his equally corrupted PH Gomen with smarts from Tesla & SpaceX.
that is why you are ben gap, opss ben yap. you are not mas elon.
how much is BNM foreign reserved? a 52 year old person pay vs one country central bank foreign reserves
it not smart to compare. businessman vs country. if you want businessman to handle this country, we all will suffer.
Wrong! Only the weak and lazy will suffer
who cares… you loan and pay of with new printed money.
frankly if elon stays or leave, makes no big difference. He is out of new ideas to bring the company forward. He cannot challenge big rivals from China which is continuously progressing and developing at hyper speed. Now BYD is already ahead of Tesla in many aspect. SpaceX also cannot compete with China. China is flying to space like they are going to a supermarket. Every other day a launch to space and moon for fun. Elon with that money better leave while he still a champ
SpaceX cannot compete with China? Falcon 9s are taking off almost every week. Starship just successfully launched and landed back onto earth just last week.
you get paid when you add value to the company. He added 550 billion dollars of value to tesla and share holders. 56 billion is just spare change.
oh the social media influencer got his pay after all, can go to Spain to bring amber heard back already.