Editor’s note: This story was updated with details from the stockholder letter, more background and a modified headline
EV giant Tesla, Inc (NASDAQ:TSLA) is calling for its shareholders to vote once again on CEO Elon Musk’s invalidated pay package, worth $47 billion at current stock price levels.
What Happened: Among the various proposals up for shareholder vote at Tesla’s upcoming annual meeting are plans to switch the company’s state of incorporation from Delaware to Texas and to ratify Musk’s 2018 compensation package.
The pay package, worth $56 billion earlier, was nullified by a Delaware court earlier in January, as the judge deemed it an “unfathomable sum.” In response to the ruling, Musk expressed discontent with Delaware and announced ...