Tesla Voters Backed Elon Musk's Big New Pay Package Today

Core Insights - The Tesla shareholder vote has resulted in over 75% approval for proposals that include giving Elon Musk greater control and a significant compensation package [1][2][8] Group 1: Shareholder Vote Outcomes - The preliminary tally from the shareholder meeting indicates strong support for Musk's compensation package, with more than 75% of voters in favor [1][2] - The final count of the votes will be submitted to the Securities and Exchange Commission in the coming days [2] Group 2: Company Position and Governance - Tesla emphasized the necessity of Musk's leadership for navigating critical challenges, asserting that the proposed incentives are essential for his retention [3][4] - The board members expressed that Musk's unique vision is crucial for the company's future [4] Group 3: Investor Reactions - Major investment groups, including Counterpoint Global and the Florida State Board, supported Musk's compensation package, while some proxy advisory firms recommended voting against it due to concerns over dilution and key-person risk [5][6] - The vote has reignited discussions on key-person risk and corporate governance practices within the company [5] Group 4: Market Reactions - Prediction markets indicated a high probability (90% or higher) that Musk's pay deal would be approved, reflecting investor confidence [7][8] - Following the vote, Tesla's shares fell approximately 3.5%, closing around $446, although they remain up about 10% for the year [7]