Tesla announced that Musk won in the 56 billion dollar salary package vote, up more than 6% before the market

On 6/13 local time, Tesla shareholders are expected to approve a 56 billion dollar reward package for CEO Elon Musk and vote on whether to approve the relocation of the electric vehicle manufacturer's legal headquarters to Texas in the United States. The official voting results have yet to be announced, but Mr. Musk has already declared “victory” early. He said on the social media platform “X” on Wednesday that the resolution was passed by a large margin.

Mr. Musk has never received a traditional fixed salary, and it is said that all rewards are linked to the company's total market capitalization and performance. Tesla's board of directors granted incentive stock options worth 56 billion dollars to Mr. Musk in 2018 as compensation for the next few years, but this was limited to when Mr. Musk achieved a series of growth goals and profit targets. However, at the beginning of this year, a Delaware judge ruled that the previous vote was invalid due to insufficient disclosure of information to investors at the time, so another vote was necessary.