In a video posted on Musk-owned X, the 52-year-old billionaire danced to celebrate the strong support for his leadership at the world’s top electric vehicle manufacturer.
Although shareholders have voted in favor, Musk won’t see the all-stock compensation immediately. The package will likely remain in legal limbo in Delaware Chancery Court and the Supreme Court for several more months as Tesla works to overturn the judge’s decision.
Musk hinted at uncertainties regarding his role at Tesla this year. He mentioned on X that he wanted a 25% stake in the company to prevent him from taking his artificial intelligence endeavors elsewhere. He argues that this larger stake is necessary to control AI’s use.
Meanwhile, Tesla faces challenges from declining sales and profit margins as global demand for electric vehicles slows down.
At Thursday’s annual meeting in Austin, Texas, Musk assured shareholders of his commitment to staying with Tesla. “It’s not actually cash, and I can’t cut and run, nor would I want to,” he stated.
The company later announced that shareholders had approved Musk’s compensation plan. This plan was originally sanctioned by the board and stockholders six years ago.
Tesla most recently valued the package at USD 44.9 billion in an April regulatory filing. Previously, it was as high as USD 56 billion, but its value has fallen with Tesla’s stock, which has decreased about 25% this year.
