Tech Update: What did Musk say to Tesla shareholders?

Tesla: Tesla's shareholders have approved the company's CEO Elon Musk's $45 billion salary package. This approval has come after a long legal battle between Tesla's CEO Elon Musk and the company's shareholders. In this battle, Musk had tried to save the biggest salary package ever. The results of this vote were announced at the company's annual meeting at Tesla's headquarters in Austin, Texas. Musk's salary package also includes stock options. Getting its approval is a relief for the Tesla board. They were worried that if the package was rejected, Musk might give less time to the company or even resign. 

What did Musk say to Tesla shareholders?

Coming on stage after the vote, Elon Musk said, "I just want to start by saying - man, I love you guys." He further said, "I think we are not just opening a new chapter for Tesla, but starting a whole new book."

The company has uploaded the entire shareholders meeting on the social media platform X (formerly known as Twitter). In this, Elon Musk's speech starts at 42.42 minutes.

Why did Tesla shareholders vote?

This vote of the shareholders has come after the judge's decision in January. The judge had rejected the earlier decided package of $56 billion. The judge said that the Tesla board was largely influenced by Musk's influence and there were flaws in the process of deciding the package. 

After a vigorous campaign by Musk and the Tesla board, shareholders voted in favour of the salary package. This vote could weaken the judge's decision. The shareholders' vote strengthens the board's argument that shareholders were fully aware of the details of the compensation and the potential conflict of interest. However, it is important to note that several large shareholders and advisory firms, including Norway's sovereign wealth fund and the California State Teachers' Retirement System, opposed the package.