Tesla shareholders voted to reapprove chief executive Elon Musk’s $56bn pay and to reincorporate the electric-vehicle maker in Texas, handing him significant victories as he seeks to reassert control over the company.
The preliminary results, announced at Tesla’s annual meeting in Austin on Thursday, will strengthen the company’s hand as it attempts to overturn a January decision by a Delaware court to void the 2018 package of stock options — the largest in US history — due to concerns about its size and the independence of the board.
While the vote does not supersede the court’s decision, the ratification could prove instrumental in persuading the judge to reverse or amend her stance. Musk’s grip on the company would be tightened, boosting the chief executive’s stake to more than 20 per cent from his current 13 per cent.