Tesla shareholders approve Elon Musk’s RM267 bil pay

Tesla shareholders approve Elon Musk’s RM267 bil pay

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.

Tesla shareholders approve Elon Musk’s RM267 bil pay

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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Danny Tan

Danny Tan loves driving as much as he loves a certain herbal meat soup, and sweet engine music as much as drum beats. He has been in the auto industry since 2006, previously filling the pages of two motoring magazines before joining this website. Enjoys detailing the experience more than the technical details.

 

Comments

  • Ben Yap on Jun 14, 2024 at 10:26 am

    if i have that pay, i will use part of it to subsidise petrol and diesel for all Malaysians.

    Like or Dislike: Thumb up 6 Thumb down 8
    • When you subsidise diesel or petrol, oil companies benefit. They get to sell more of their product.

      Like or Dislike: Thumb up 2 Thumb down 0
    • Mike Tee on Jun 14, 2024 at 12:26 pm

      Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime

      Like or Dislike: Thumb up 2 Thumb down 1
    • Rakyat Malaysia on Jun 14, 2024 at 6:06 pm

      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.

      Like or Dislike: Thumb up 17 Thumb down 5
    • hazri on Jun 15, 2024 at 1:54 am

      that is why you are ben gap, opss ben yap. you are not mas elon.

      Like or Dislike: Thumb up 0 Thumb down 5
  • Plakad on Jun 14, 2024 at 11:39 am

    how much is BNM foreign reserved? a 52 year old person pay vs one country central bank foreign reserves

    Like or Dislike: Thumb up 3 Thumb down 2
    • hazri on Jun 15, 2024 at 1:56 am

      it not smart to compare. businessman vs country. if you want businessman to handle this country, we all will suffer.

      Like or Dislike: Thumb up 2 Thumb down 3
      • Zaman Jahiliah Malaysia 2022 - Kini on Jun 15, 2024 at 4:26 pm

        Wrong! Only the weak and lazy will suffer

        Like or Dislike: Thumb up 0 Thumb down 0
  • TinKosong on Jun 14, 2024 at 12:38 pm

    who cares… you loan and pay of with new printed money.

    Like or Dislike: Thumb up 1 Thumb down 0
  • Pro-Palestine on Jun 14, 2024 at 3:17 pm

    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

    Like or Dislike: Thumb up 9 Thumb down 5
    • Dude Chan on Jun 15, 2024 at 8:04 pm

      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.

      Like or Dislike: Thumb up 2 Thumb down 0
  • 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.

    Like or Dislike: Thumb up 1 Thumb down 0
  • oh the social media influencer got his pay after all, can go to Spain to bring amber heard back already.

    Like or Dislike: Thumb up 0 Thumb down 0
 

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