Tesla Shares Soar 6.85% in Premarket Trading Following Musk's Comments That Controversial Pay Package is Set to Pass by 'Wide Margins.'

Benzinga

Elon Musk said late on Wednesday that Tesla shareholders are set to approve his controversial $56 billion pay package and a resolution to move the electric carmaker's incorporation to Texas. Tesla shares were up 6.85% in premarket trading on Thursday after Musk's comments about the resolutions passing by "wide margins." The pay package, initially approved in 2018, had aggressive targets for Tesla's financial performance and market value. However, a Delaware judge voided it in January. Shareholders will vote on the resolutions at Tesla's annual meeting on Thursday. The outcome could have significant ramifications for Tesla's leadership and governance under Musk going forward.

Transcript

00:00It's Benzinga, and here's what's on the block.

00:02Elon Musk said late on Wednesday that Tesla shareholders are set to approve his controversial

00:07$56 billion pay package and a resolution to move the electric car makers incorporation

00:12to Texas.

00:13Tesla shares were up 6.85% in pre-market trading on Thursday after Musk's comments about the

00:18resolution's passing by wide margins.

00:21The pay package, initially approved in 2018, had aggressive targets for Tesla's financial

00:26performance and market value.

00:28However, a Delaware judge voided it in January.

00:32Shareholders will vote on the resolutions at Tesla's annual meeting on Thursday.

00:36The outcome could have significant ramifications for Tesla's leadership and governance under

00:39Musk going forward.

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Transcript

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