The majority of Tesla shareholders can’t seem to make up their minds about supporting Elon Musk and its massive $56 billion pay package.
Now, the multi-billion-dollar EV company is turning to its retail investors.
Unlike other companies whose “smaller” investors have little say, Tesla is unique. Smaller shareholders hold a high percentage of their ownership base, which means that they could make an impact.
In its annual meeting on June 13, the company reportedly asked investors to back Musk’s pay package.
If successful, the company is expecting to see Musk take control of more than a fifth of the company. The hope is that this would incentivize Musk to focus more on growing Tesla instead of his many other endeavours.
Aside from the pay vote, Tesla is focused on reaching out to small shareholders to urge them to vote for the company to move to Texas instead of Delaware. Part of its plans also include re-electing Musk’s brother, Kimbal, as one of the company’s two directors.
According to Musk on X, which is also one of his companies, “90% of retail shareholders who have voted have voted in favour of both resolutions.”
This apparently means that Tesla is a step closer to moving to Texas and Musk could receive his huge pay package sooner rather than later.