00:00Tesla shareholders are voting to approve a US$56 billion pay package for its CEO Elon
00:08Musk, and the 52-year-old billionaire declared on Wednesday that the resolutions were being
00:13passed by wide margins. He thanked the shareholders for their support on X.
00:18The resolutions by the shareholders also include moving the electric vehicle maker's legal
00:24home from Delaware to Texas. Overwhelming shareholder approval of the largest remuneration
00:30terms in US corporate history could allay investor concerns about Musk's future at the
00:36company. It may also give Tesla ammunition in its fight to reverse a court decision to
00:41void the pay package.
00:43Musk would still face a legal battle to convince the Delaware judge who said the Tesla board
00:48was beholden to him, while potentially fielding fresh lawsuits over the latest vote. Analysts
00:54said even if the shareholders do approve the package, it is not clear whether the court
00:59will allow the vote to be effective.
01:01The result of the vote will be announced at a meeting at Tesla's headquarters at 4.30
01:06p.m. on Thursday. Shareholders are allowed to change their vote up to the start of the
01:12annual meeting. Sources said a combination of institutional investors and retail investor
01:18votes got the yes result over the line.
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