Tesla shareholders say ‘Yes’ to Elon Musk’s $56bn pay deal

“… hot damn, I love you guys,” was the message from Tesla (NASDAQ:TSLA) chief executive Elon Musk as the company’s shareholder agreed to reinstate is $56 billion pay package.

Tesla shares traded slightly higher in afterhours dealing immediately after the vote was confirmed in Musk’s favour.

Robyn Denholm, Tesla’s chair, meanwhile described it as “a matter of fundamental fairness and respect”.

“No other shareholder base understands the company as you do. You are the owners of the company,” she told shareholders.

At the same time, shareholders also approved the relocation of the electric vehicle company’s headquarters to Texas from Delaware (it was a Delaware judge that previously voided Musk’s bumper pay packet).

Musk, meanwhile, added that: “We are not just opening a new chapter for Tesla, we are starting a new book.”

Not all shareholders supported the reinstatement of Musk’s pay, as some high profile minority shareholders voiced their disapproval ahead of the AGM, and proxy advisors in recent weeks had recommended a ‘no’ vote.

As such, the victory for Musk will likely be seen as a ringing endorsement of the often polarising tech and engineering entrepreneur.

Tesla shares edged 37 cents or 0.20% higher to trade just below $183 per share – it followed a 2.9% gain in regular trading which closed at $182.47.