Tesla shareholders have voted to approve Elon Musk’s record-breaking pay package and given the electric car manufacturer the go-ahead to move its state of incorporation from Delaware to Texas.
Judge Kathaleen McCormick in Delaware struck down Musk’s $56 billion compensation package earlier this year, claiming that Tesla’s board wasn’t sufficiently independent of Musk. Despite the judge’s concerns, shareholders in the company have re-approved the pay, providing Tesla’s lawyers with leverage in appealing the court’s decision. At current Tesla share prices, Musk will receive approximately $48 billion.
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