Tesla Shareholders Approve Elon Musk $56B Pay Package, Other Company Proposals

Electric vehicle leader Tesla Inc (NASDAQ:TSLA) hosted its annual shareholders meeting Thursday, June 13 with a limited in-person event that was also livestreamed to the public.

Here are the key highlights from the event.

What Happened: Tesla's annual shareholders meeting shared an update on 12 items that were voted on by shareholders.

Ahead of the details from the vote, Tesla chair Robyn Denholm thanked shareholders for supporting the company and its goal of global sustainability.

"Tesla needs to develop the most revolutionary technologies, not just auto," Denholm said.

The chair said this includes artificial intelligence initiatives.

Denholm said highlights for Tesla in 2023 included the Model Y becoming the bestselling vehicle in the world, the beginning of deliveries of the Cybertruck and FSD supervised rolling out.

Denholm also shared the lower accident rates Tesla vehicles have based on data.

"Not only are you protecting the environment by driving a Tesla, you're also protecting yourself."

Denholm said Tesla plans to make further investments in hardware and software.

"There is still more to do. The right things are always worth fighting for."

Shareholder Results: Tesla General Counsel Brandon Ehrhart shared the results of the votes with those in person and viewing online still able to vote. Polls closed at 5:08 p.m. ET.

Five of the seven shareholder proposals were approved.

Shareholders approved all company proposals including the re-classification of Tesla's corporate headquarters from Delaware from Texas.

Ehrhart said shareholders approved the pay compensation package plan for CEO Elon Musk that was originally approved in 2018.

A standing ovation of the limited in-crowd participants could be viewed during the live stream.

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