Tesla investors back Musk's $48B payday

The company's shareholders approved a controversial compensation package for CEO Elon Musk

Elon Musk smiles
Musk's package is "worth an estimated 300 times what the top-earning boss in the U.S. made last year"
(Image credit: Apu Gomes / Getty Images)

What happened

Tesla shareholders approved a controversial payout for CEO Elon Musk, the company announced Thursday at its annual meeting in Austin. The 2018 compensation package, worth about $48 billion at Tesla's current share price, was blocked by a Delaware court in January. Shareholders also approved a proposal to reincorporate Tesla in Texas, from Delaware.

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.