Elon Musk pledges to ensure Tesla shareholders’ faith will be rewarded

Elon Musk has pledged that he would work as hard as he can to make sure that Tesla shareholders are rewarded for their trust in him. Musk’s sentiments were shared in a post on social media platform X. 

Back in 2018, Tesla shareholders approved a high-risk high-reward CEO Performance Award for Musk, which called for the electric vehicle maker to grow several times its $59 billion market cap at the time. Musk delivered and achieved his challenging targets earlier than expected, but in January 2018, Delaware Chancery Court Judge Kathaleen St. J. McCormick rescinded the CEO’s pay package. 

Tesla responded by asking TSLA shareholders to ratify Elon Musk’s 2018 CEO Performance Award at the 2024 Annual Stockholders’ Meeting, also known as the 2024 Cyber Roundup. During the general meeting, Tesla revealed that TSLA stockholders voted overwhelmingly in favor of the ratification of Elon Musk’s 2018 pay package. Musk has been very appreciative of TSLA shareholders since. 

This was highlighted recently when the CEO responded to a post from Tesla bull Dave Lee, who noted that results of the vote surrounding Musk’s 2018 compensation plan reinvigorates Musk to be aggressive with the company’s growth plans in artificial intelligence and robotics. The Tesla bull noted that the ratification of Musk’s pay plan also paves the way for Tesla to come up with a new compensation plan that would bring the CEO’s voting power back to 25%. 

In his response, Musk noted that the shareholder support he has received so far has meant a lot to him. He also noted that he would do what he can to make sure that the TSLA shareholders’ faith is not misplaced. “The super strong support from retail and large investors meant a lot to me. I will do my utmost to ensure that their faith is rewarded,” Musk wrote in his post on X. 

Musk’s appreciation of the support that he has received from Tesla shareholders was highlighted during the 2024 Cyber Roundup itself. When he took the stage at the 2024 Annual Shareholders Meeting, Musk noted that Tesla arguably has the best stockholders of any company today. “I just want to start off by saying, hot damn, I love you guys. We have the most awesome shareholder base. I mean, any public company, it’s incredible… We’re not just opening a new chapter for Tesla, we’re starting a new book,” Musk said. 

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