Tesla's Two Shareholder Resolutions Passed, Elon Musk's Compensation and HQ Relocation

TapTechNews June 13th news, today Tesla CEO Elon Musk posted that two shareholder resolutions of Tesla have been passed with a large majority. The image shared by Musk shows that both resolutions (Elon Musk's compensation, Tesla's headquarters relocation to Texas) have been passed by shareholders' votes.

Elon Musk once posted on Saturday that about 90% of retail shareholders voted in favor of his compensation plan. According to Bloomberg, this is crucial because about 45% of tradable non-insider held stocks are held by retail shareholders.

The compensation plan grants Elon Musk approximately 300 million incentive stock options and was supported by more than 70% of shareholders in 2018. However, a Delaware judge revoked the plan in January this year on the grounds of insufficient information disclosed to Tesla investors. The Tesla board then resubmitted the plan for a vote again after providing new disclosure information.

When the options were granted in 2018, the estimated value was approximately 56 billion US dollars. Based on the current Tesla share price, the value of these options is currently close to 50 billion US dollars (TapTechNews note: currently about 362.928 billion Chinese yuan). In addition to stock options, Elon Musk also directly holds approximately 411 million shares of Tesla, accounting for about 13% of the total currently outstanding shares.