At Tesla's annual meeting in Austin on Thursday, the company confirmed that shareholders had approved both Elon Musk's massive pay package, along with a proposal to change the company's state of incorporation from Delaware to Texas. Tesla didn't disclose vote totals, Bloomberg reports, but Musk said Wednesday night that both measures were ahead by "wide margins." The all-stock compensation plan was worth around $56 billion at one point. After a fall in Tesla's stock price, the company put the value at $44.9 billion in an April filing, the AP reports. The vote doesn't automatically restore the pay package, but it will likely give Musk a boost in legal battles to come.
- The Wall Street Journal looks at the legal issues in Delaware, where a judge struck the pay package down in a shareholder lawsuit earlier this year. Tesla is expected to push to have the case dismissed, but shareholder Richard Tornetta will likely challenge the effort. Analysts expect Tornetta to argue that the shareholder vote isn't legally binding.