Tesla nearing shareholder vote to grant Musk $46B
The date of the vote was confirmed by the Wall Street Journal, which says company executives like Tesla board chair Robyn Denholm will campaign to convince shareholders to approve the measure. If the vote passes, Musk would get millions of shares worth about $46 billion according to current share valuations.
The vote is an attempt to reinstate a pay package shareholders agreed to in 2018 if Musk hit certain financial and stock price targets, which he did within just five years. The tycoon would have gotten his awarded shares earlier this year, when they were worth around $56 billion, if it weren't for a Delaware judge striking down the 2018 deal on grounds that the negotiation process was compromised the board's chummy relationship with Musk.
As for why Musk needs tens of billions of dollars, the reasoning is that Musk, the second richest man in the world, may consider leaving Tesla should he not be compensated for his work during his time as CEO. There is also an argument that the original vote should simply be honored since its overturning represents an infringement on the rights of owners of Tesla stock.
