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Tesla Shareholders Approve Elon Musk’s Big Payday

Elon Musk will pocket $56 billion after Tesla shareholders made a show of support for his leadership.

Now Musk is set for a record payday worth almost $50 billion, after the electric car company’s shareholders approved a compensation plan that had been previously blocked by a federal judge. In a letter published before the vote, the proxy advising firm Glass Lewis said it was concerned that the compensation package would give Musk too much power over Tesla by making him the company’s largest shareholder “by a healthy margin.” “If Tesla is to retain Elon’s attention and motivate him to continue to devote his time, energy, ambition and vision to deliver comparable results in the future, we must stand by our deal,” board chair Robyn Denholm wrote in a letter to shareholders ahead of the vote.

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