Tesla Jumps 2% as Shareholders Approve $1 Trillion Pay Package for Musk; Intel Gains 3% on Potential Tesla Partnership

Tiger Newspress11-07

Tesla shareholders approved a $1 trillion compensation package for Chief Executive Officer Elon Musk, the largest payout ever awarded to a corporate leader.

More than 75% of the votes cast were in favor of the unprecedented pay plan, the company said Thursday at its annual meeting. The outcome caps a weekslong campaign by the electric vehicle maker’s board, its CEO and prominent retail investors to build support.

Tesla shares gained 2.1% in premarket trading on Friday.

Meanwhile, Elon Musk on Thursday said Tesla probably will have to build "a gigantic chip fab" to make artificial intelligence chips and publicly mused the EV maker could work with Intel.

Tesla is designing its fifth-generation AI chip to power its autonomous ambitions, and Musk at the company's annual meeting laid out potential manufacturing plans.

Intel shares gained 2.7% in premarket trading on Friday.

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Comments

  • a4xrbj1
    11-07
    a4xrbj1
    The stupidity of Tesla shareholders is sky high. Musk cannot leave Tesla, that's all his wealth and piggy bank. That's why he needs Tesla to finance the huge money burning machine called xAI - both X and xAI are making losses. But it seems that getting stripped of investor rights like corporate governance (see the proposals that all got rejected by the Board and also voters) isn't enough for all incels holding the stock. No, they are looking forward to their stock holdings being heavily diluted when those awarded shares are being added. Can't wait for the huge hit that Tesla's accounting will get as the "gift" has to hit their books soon.
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