EV giant Tesla Inc (NASDAQ:TSLA) is asking its shareholders to vote again on CEO Elon Musk‘s now voided $47 billion pay package.
What Happened: In a filing with the SEC on Wednesday, the board put forth two proposals for shareholders to vote upon including changing Tesla’s state of incorporation from Delaware to Texas and ratifying Musk’s compensation.
Musk’s $47 billion pay package was voided by a Delaware court earlier this year after noting it to be “an unfathomable sum.”
“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value. That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it,” Tesla board Chairperson Robyn Denholm wrote in a letter to stockholders.
This is a breaking news story and will be updated with details soon.
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