Tesla Shares Surge After Elon Musk’s Announcements
Tesla shares surged after Elon Musk announced that shareholders are ready to approve his controversial $56 billion pay package and a resolution to move the electric car maker’s registration to Texas.
At 10:45 am Eastern Time, the company’s shares rose by about 3%.
Tesla shareholders are voting on two resolutions and can express their views before the company’s annual general meeting on Thursday. Most Tesla shareholders were expected to submit their votes by the end of the day on Wednesday. Other participants in the general meeting can vote in person or online on Thursday.
The first resolution under consideration is the approval of a $56 billion pay package, which shareholders initially approved in 2018 but was overturned by a Delaware judge in January.
The second resolution concerns whether Tesla should move its registration status from Delaware to Texas. This proposal was made after Musk asked his followers on the social platform X earlier this year if Tesla should take such a step — and received a resounding «yes.»
Musk also noted that both resolutions are currently passing «by a wide margin,» without disclosing specific details or sources.
