Elon Musk says vote on Tesla pay deal is going in his favor

Tesla boss Elon Musk has said shareholder votes on a record payout to the billionaire and a plan to move the company’s legal headquarters to Texas are “currently passing by wide margins.”

Tesla shareholders have been voting on several proposals, including one that could confirm a pay deal for Musk, which was worth $56 billion when it was first agreed to in 2018.

The company will make an official announcement about the outcome of the vote at a meeting on Thursday.

Tesla did not immediately respond to a BBC News request for comment.

In a post on the social platform X, formerly known as Twitter, Musk thanked his followers.

However, legal experts say it is unclear whether the court will accept the new vote, which is non-binding, and allow the company to reinstate the pay package.

Earlier this year, a Delaware judge voided the compensation agreement after a small investor sued.

The judge ruled that the sum was “unfair” and that the process for determining the package, by a board dominated by Musk, was “deeply flawed.”

Tesla called the decision “fundamentally unfair and incompatible with the will of shareholders.”

The company then put the deal to another vote and asked its shareholders to support a plan to reincorporate the company outside the state of Delaware.

The board has said Musk deserves the package because Tesla achieved its ambitious goals under his leadership and there is a need to ensure he remains dedicated to the company.

Tesla executives also expressed support for the package in social media posts, saying Musk is crucial to the company’s success.

Meanwhile, Musk promised a personal tour of Tesla’s factory in Texas to some supportive shareholders.

The package – worth about 300 times what America’s top-earning boss earned last year – won the backing of 73% of shareholders who voted six years ago.

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