Tesla voters today supported Elon Musk’s big new pay package

Tesla’s fate – or at least the answer to the question of whether its CEO Elon Musk will stay or go – may have been decided today’s shareholder vote.

A preliminary roundup of 14 proposals this year that include giving Musk more control over Tesla (TSLA) and A a trillion-dollar pay packagewas discussed late Thursday at the shareholders’ meeting that began after the close of business. According to the company, in this vote over 75% of voters supported the approval of the proposal.

The crowd at the meeting cheered when the result was announced. The final calculation will likely take place in a few days and will be filed with the Securities and Exchange Commission.

Although shareholders voted to approve Tesla prior compensation agreement For Musk, the days leading up to today’s shareholder vote have often been tense. The electric vehicle company, with ambitions in robotics and artificial intelligence, has made clear its position that it would be lost without Musk at the helm and that the incentives it recommends are necessary to retain him.

“We believe Elon’s unique vision is critical to overcoming this critical turning point,” Robyn Denholm and Kethleen Wilson-Thompson, members of a special committee of Tesla’s board, wrote in a letter to shareholders.

Counterpoint Global, an investment team at Morgan Stanley Investment Management, as well as the Florida State Board and Schwab Asset Management, said they intended to vote in favor of Musk’s pay package.

On the other hand, major proxy advisory firms Glass Lewis and ISS advised shareholders to vote against the remuneration package, citing dilution and a lack of risk mitigation measures for key people. Norway’s $2 trillion sovereign wealth fund revealed earlier this week that it voted against the pay package for these and other reasons. Earlier this month, the New York State Joint Retirement Fund said it intended to vote against the bill and urged others to do the same.

The trillion-dollar votes attracted players from forecast markets Polymarket, Kalshi and Robinhood – all of which overwhelmingly indicated an expectation – at 90% or higher – that Musk’s pay deal would pass.

Tesla shares fell about 3.5% on Thursday, closing at about $446, leaving them up about 10% for the year.

This article has been updated since it was first published to reflect share price changes and the announcement of the vote.