Tesla’s Push for Musk’s Plan & Texas Move

Tesla lobbies for approval of Musk’s $56B plan and relocation to Texas, highlighting key shareholder roles.

Tesla Urges Shareholders to Approve Musk’s Compensation Plan and Relocation to Texas

On May 15, 2024, Tesla is actively lobbying its shareholders, hoping they will approve two key proposals at the upcoming annual shareholders’ meeting. The proposals are to endorse CEO Elon Musk’s $56 billion compensation plan from 2018 and to move Tesla’s registered office from Delaware to Texas.

Previously, a judge in Delaware had invalidated Musk’s compensation plan due to procedural issues. Tesla hopes for shareholder re-approval. The relocation proposal also requires shareholder permission, and both are listed as the third and fourth proposals at Tesla’s 2024 annual shareholders’ meeting.

Tesla detailed their recent efforts to facilitate voting in a Form 14A submitted to the SEC, including targeted advertisements and posts on social media, emphasizing that shareholders have the final decision.

Robyn Denholm, Tesla’s board chair, stressed in a letter to shareholders that these proposals are crucial for Tesla’s mission and extraordinary growth. “Six years ago, you voted to approve the CEO Performance Bonus Plan for 2018, which has proven your collective wisdom. Now, you have the opportunity to uphold the voting results by supporting these proposals,” Denholm wrote.

Additionally, Tesla highlighted the significant achievements since Musk’s compensation plan was approved in 2018. Since March 2018, Tesla’s stock has returned approximately 1100% to shareholders, turned a $2.2 billion loss into a $15 billion profit, and increased its car production sevenfold from 2018 to 2023.

The letter also included a quick guide on how shareholders could vote in support of the third and fourth proposals through online platforms, QR codes, and regular mail, with a hotline available for investor inquiries.

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Tesla’s Push for Musk’s Plan & Texas Move

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