Tesla’s Multibillion-Dollar Pay Package for Elon Musk

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.2 • 5.3K Ratings

🗓️ 14 June 2024

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tesla shareholders voted to reapprove Elon Musk’s multibillion-dollar pay package, signaling support for the EV maker’s CEO and giving the board ammunition in its fight to preserve the court-rejected compensation plan. WSJ’s David Benoit explores the fight to get Musk billions and why the Tesla board is so invested in making the huge pay package happen. Further Listening: - Elon Musk’s Unusual Relationships With Women at SpaceX - Why is Tesla Pulling Back on EV Charging? - Money, Drugs, Elon Musk and Tesla’s Board Further Reading: - Tesla Shareholders Vote to Uphold Elon Musk’s $48 Billion Pay Package - Elon Musk’s $55.8 Billion Tesla Pay Package Struck Down by Judge - Tesla Hits the Road to Persuade Shareholders to Pay Elon Musk $46 Billion Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:15.5	on stage at Tesla's annual shareholder meeting yesterday, Elon Musk jumped up and down and danced from side to side. He was celebrating a big win.
0:20.1	I just want to start up by saying, Hot Damn, I love you guys.
0:27.0	Yeah.
0:28.0	We have the most awesome shareholder base. I mean, it's just incredible.
0:34.0	Tesla's shareholders agreed to give Musk the world's biggest ever pay package.
0:39.0	Our colleague David Benoint was watching.
0:42.0	I've covered a lot of proxy fights in shareholder votes over the years and I've never seen a vote over
0:48.0	46 billion dollars in compensation to one of the world's richest men.
0:52.0	I'm sorry.
0:53.0	This is $46 billion.
0:56.0	Correct.
0:57.0	Like, we talk about high CEO compensation,
1:01.0	but that's usually in the millions, right?
1:03.7	Yes, yes, correct.
1:04.8	This is like magnitudes bigger than we've ever seen.
1:08.6	I think it's incredible.
1:11.2	I think we're not just opening a new chapter for Tesla, we're starting a new book.
1:18.0	Okay.
1:21.0	This win was highly contentious and hard fought.
1:26.3	Earlier this year, a Delaware court threw the pay package out,
1:30.5	saying Musk had too much influence over the process. But in this vote his
1:35.7	shareholders stood by him. 72% of them voted to give him the money. They worried that without it,
	...

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