Tesla Shareholders Approve Elon Musk's $56 Billion Pay Package, Move Incorporation to Texas

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Tesla shareholders voted to ratify CEO Elon Musk's 2018 pay package worth up to $56 billion in Tesla stock options at the annual meeting. In January, a Delaware court ordered Tesla to rescind the pay package, finding it was improperly granted by the board without proper negotiations. The vote provides a PR win for Musk but does not override the court ruling. It could help Musk's effort to get the performance options in the future. Shareholders also voted to approve moving Tesla's incorporation from Delaware to Texas, where it has its largest US factory. Elon Musk, describing himself as "pathologically optimistic," assured Tesla shareholders of significant advancements in developing vehicle autonomy. Tesla has not yet delivered, while competitors like Pony.ai, Didi, and Waymo have already developed and operate commercial robotaxi services.

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