Hyperdrive
Tesla Jumps After Musk Says Shareholders Backed Pay Package
- CEO front-runs annual meeting with post about proposal votes
- Compensation measure carries more symbolic than legal weight
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Tesla Inc. shares jumped after Elon Musk said shareholders voted “by wide margins” in favor of re-approving his compensation package and moving the company’s state of incorporation to Texas.
The chief executive officer posted voting results on X, the social media site he owns, hours before shareholder voting ended and ahead of Tesla’s annual meeting Thursday in Austin. He shared two charts suggesting the proposals had been approved. Tesla stock gained as much as 6.4% at 9:35 a.m. in New York.