Tesla Seeks Shareholder Approval for Elon Musk's $56bn Compensation Package

Tesla is requesting shareholder approval for Elon Musk's $56 billion compensation package during its annual meeting on June 13. The deal, which would be the largest of its kind, was initially awarded by Tesla's board of directors in 2018 but was voided by a Delaware court in January due to allegations of sham negotiations and Musk's involvement in the decision-making process. The court ruling stated that Musk is not entitled to the payout. Despite this, Tesla's chairperson, Robyn Denholm, has expressed the board's support for the original package. Musk had previously mentioned his intention to seek a shareholder vote on transferring Tesla's state of incorporation from Delaware to Texas following the ruling.