Tesla investors back $56bn pay deal for company

Tesla chief Elon Musk. Photo Courtesy: PIB

Technology major Tesla’s shareholders have backed a record-breaking pay package for the company’s chief Elon Musk and even approved a plan to move the legal headquarters of the company to Texas.

The deal was blocked earlier this year by a judge in Delaware over concerns it was unfair to shareholders, BBC reported.

The voting is presumed a victory for the tech entrepreneur who had campaigned fiercely for the payout, which is worth up to $56bn, reports said.

The exact amount will depend on Tesla share price.

“Hot damn, I love you guys,” Musk was quoted as saying by BBC to a crowd of enthusiastic shareholders who had gathered in Texas for the firm’s annual meeting.

The deal is worth more than 3,000 times what the top-earning boss in the US made last year, the British media reported.