Musk’s Friends and Fans Applaud Shareholder Vote on His Payday

Business|Musk’s Friends and Fans Applaud Shareholder Vote on His Payday

Tesla shareholders reaffirmed a pay award worth more than $45 billion for Elon Musk on Thursday, but before the announcement was made official at the company’s annual meeting in Austin, Texas, Mr. Musk posted the news on X, his social media platform.

“Both Tesla shareholder resolutions are currently passing by wide margins!” he wrote in a post late Wednesday night. “Thanks for your support!!”

For months, Mr. Musk’s supporters have used the social media site, which he purchased for $44 billion in 2022, to drum up support for his massive payday, and Tesla board members warned he could leave the company if shareholders voted against him.

But for some Tesla investors, Mr. Musk’s involvement with X has been the primary cause of concern, stirring complaints that the pay package has drawn his attention away from Tesla and into other ventures. Mr. Musk has also used the platform to promote right-wing conspiracy theories and vulgar content, offending some of his employees and investors.

On X, shareholder approval of the pay package was met with praise from Mr. Musk’s legion of supporters — some cheering before the official vote was announced. They included retail investors, friends in the technology industry and media personalities.

“Congrats on getting paid what you’re owed E!” wrote Jason Calacanis, a prominent tech investor and podcast host who is close to Mr. Musk.

“The most important message of the vote,” wrote Alex Voigt, a blogger and YouTube personality, “is that Elon knows now he has the support of 90% of retail investors and more than 73% of all shares, and that matters for him personally and for the future of Tesla.”

“Means a lot,” Mr. Musk replied.

“Looks like Tesla shareholders are approving Elon’s CEO package by a wide margin — good for them,” wrote Lulu Cheng Meservey, a tech executive with 80,000 followers on the platform. “People with actual skin in the game can see the business logic that a Delaware judge blinded by her personal agenda could not.”

“The vast majority of Tesla shareholders approved Elon’s comp package in 2018 and have re-approved it now. An activist judge voided it for nothing. The trial lawyers who are asking for billions in fees should get nothing,” wrote David Sacks, a Silicon Valley tech investor, who is also close to Mr. Musk.

Critics of Mr. Musk also chimed in, albeit in smaller numbers.

“It’s official — Tesla shareholders are the stupidest humans to walk the face of the planet,” one poster wrote.

But many Tesla shareholders who were critical of the pay package in the weeks leading up to the vote were mostly silent in the hours after the decision.