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Tesla shareholders approve Elon Musk’s massive pay package

Photo illustration of Elon Musk surrounded by raining dollar bills.
Image: Cath Virginia / The Verge, Getty Images

Tesla shareholders voted today to reapprove Elon Musk’s gigantic pay package, after a Delaware court judge voided it earlier this year. Investors also approved a proposal to move the company’s legal home from Delaware to Texas and to reappoint two board members: James Murdoch and Kimbal Musk, Elon’s brother.

The vote was widely seen as a referendum on Musk’s leadership during a time of great upheaval for Tesla, which has seen its stock price slide on news of shrinking sales, softening demand, and declining revenue. The company has laid off at least 10 percent of its workforce, its vehicle lineup is aging and in need of a shake-up, and the success of Musk’s bet on AI and robotics is far from certain.

In spite of all this, Tesla…

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