• Tesla shareholders, including major institutional investors like Vanguard, approved CEO Elon Musk’s record-breaking $46-68 billion pay package with 72-77% of voting shares supporting the deal. [foxbusiness.com, cbsnews.com, breitbart.com, commondreams.org, markets.businessinsider.com, reuters.com, economictimes.indiatimes.com, independent.co.uk, latimes.com, barrons.com, auto.economictimes.com, businessinsider.com, nytimes.com]
  • The package is contingent on Musk achieving ambitious targets like raising Tesla’s market value and revenue. It faced criticism from some investors and analysts over fairness, governance concerns, and Musk’s extensive business interests beyond Tesla. [economictimes.indiatimes.com, breitbart.com, businessinsider.com, nytimes.com, bbc.com, reuters.com, theguardian.com]
  • Initially, a Delaware judge blocked the deal over concerns it was unfair to shareholders, raising questions about Tesla’s board’s relationship with Musk and the decision-making process. [bbc.com, slate.com, theguardian.com]
  • The vote results were announced at Tesla’s annual meeting, where Musk expressed gratitude and optimism about Tesla’s future, receiving a standing ovation from shareholders. [cbsnews.com, breitbart.com]
  • While some believe Musk’s behavior has harmed Tesla, and the company faces challenges with declining sales, profits, market share, and an aging vehicle lineup, others believe his compensation is justified as Tesla met ambitious 2018 targets. [nytimes.com, slate.com, breitbart.com, commondreams.org]
  • The results are preliminary and not final until the meeting on Thursday. Legal challenges on the pay package continue in a Delaware court, despite the recent investor approval. [economictimes.indiatimes.com, independent.co.uk, latimes.com, barrons.com, slate.com, theguardian.com]
  • Despite recent gains, Tesla’s shares have fallen 27% this year, and its market value has halved since November 2021, contrasting with significant gains by tech giants. [reuters.com]
  • The options have a strike price of around $23 per share and would be delivered in 12 tranches based on 28 performance targets completed. Musk had 10 years to meet the targets, which required increasing Tesla’s stock value by 983%. [barrons.com]
  • Musk’s potential earnings are 275 times greater than the median CEO pay package of $16.3 million for an S&P 500 U.S. CEO last year. [economictimes.indiatimes.com, breitbart.com]
  • The pay package was criticized by experts and organizations as excessive and outrageous, while supporters believe it’s necessary to keep Musk at Tesla, given his importance to the company’s growth, AI projects, self-driving technology, and future plans. [commondreams.org, cbsnews.com, markets.businessinsider.com]
  • Musk assured shareholders he won’t sell any stock from the compensation package for five years and discussed advancements in Tesla’s technology. [latimes.com]
  • Shareholders sent Tesla’s stock up 3% after Musk declared victory ahead of the final tally, with market analysts predicting Tesla’s potential valuation surpassing $1 trillion next year. [cbsnews.com, markets.businessinsider.com]
  • Analysts believe there may still be uncertainty surrounding Tesla despite the approved compensation package, as the company has faced challenges this year, warning of lower sales growth in 2024. [independent.co.uk, economictimes.indiatimes.com, latimes.com]
  • Despite Musk’s successes, Tesla and his other companies have faced failures, near-bankruptcy, rocket malfunctions, and allegations of retaliation against employees who raised safety concerns. [bbc.com]
  • Uncertainties remain about delivering the pay package to Musk due to a previous court ruling that voided his previous pay deal. [cbsnews.com, commondreams.org, breitbart.com]
  • Vanguard, a major Tesla shareholder, supported the proposal to move Tesla’s incorporation to Texas, citing no significant differences in shareholder rights between Texas and Delaware. [reuters.com]
  • A pro-union measure to prevent interference with worker organizing and respect workers’ right to assemble, brought by Scandinavian investors in solidarity with Tesla mechanics in Sweden, was rejected. [commondreams.org]
  • Wedbush Securities has an “outperform” rating on Tesla with a $275 price target, while a former Tesla backer believes keeping Musk is not essential for the companies as no one stays on top forever, especially while trying to lead seven companies simultaneously. [markets.businessinsider.com, bbc.com]
  • Musk hasn’t received a base salary from Tesla since 2019. His net worth is $203 billion, making him the world’s third richest person. [cbsnews.com]
  • Large shareholders raised concerns about Musk’s pay deal, which includes multiple rounds of stock options tied to Tesla’s market value milestones. The package is valued at about $46 billion based on the current stock price. [cbsnews.com]
  • A study suggests that CEOs don’t necessarily outperform with larger pay packages. [cbsnews.com, as attributed to a single source]
  • Musk is actively opposed to unions and is making efforts to weaken workers’ rights legislation. The National Labor Relations Board has filed a complaint against Tesla for interfering with union organizing at a plant in Buffalo. [commondreams.org]
  • Tesla’s unique shareholder composition played a significant role in the vote’s outcome, with working-class people with pensions invested in Tesla potentially funding Musk’s enrichment. [breitbart.com, commondreams.org]
  • In Scandinavia, workers have shown solidarity with striking Tesla mechanics by refusing to deliver Tesla products and services, aiming to protect the “Swedish Model” of shared prosperity. [commondreams.org, as attributed to a single source]

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