Elon Musk has said two key proposals to re-ratify his pay package and move Tesla’s legal home to Texas, from Delaware, are currently passing by “wide margins”.
The preliminary results are great news for Mr Musk and for Tesla, which has been rallying support for both measures for weeks among large institutional investors and the company’s army of retail shareholders.
The electric car maker set a June 12 deadline of 10.59pm US central time for investors to cast their votes, a day before the annual shareholder meeting.
Tesla’s annual meeting is on June 13 at the company’s headquarters in Austin.
Proposal 3 would make Texas the company’s legal home, while Proposal 4 asks investors to re-ratify the same $56 billion compensation package for chief executive Mr Musk that was voided by a Delaware judge earlier this year.
The hotly contested pay package passed in 2018 but was struck down in January by a judge in Delaware, who said investors were not fully informed of key details.
Under the plan, Mr Musk is eligible for as much as $55.8 billion in stock options if Tesla hits certain milestones, which the company has reached.
“This doesn’t fully settle the matter. The compensation package can still be deemed illegal,” analyst Alexander Potter of Piper Sandler wrote in a note to clients.
“But a Delaware judge previously struck down the package citing limited shareholder disclosure, and given enhanced disclosures preceding this vote, it’s unclear why anyone would take issue with this newly ratified deal.”
He expects the stock to respond favourably to this news, “though the upside is perhaps unlikely to be as violent as the downside would have been, had shareholders rejected the deal”.
Those in support include Scottish asset manager Baillie Gifford and Company, Cathie Wood’s Ark Investment Management and Ron Baron, who runs Baron Funds.
Mr Baron, a longtime Tesla investor, said in an open letter backing Mr Musk’s package that the will of the shareholders who voted in 2018 should be favoured.
Without Mr Musk, there would “be no Tesla”, and this vote might determine whether he stays at the company, he said.
Those against include Norway’s sovereign wealth fund, run by Norges Bank, and the California Public Employees’ Retirement System.
Tesla chair Robyn Denholm has been engaging with large institutional investors and Tesla has posted several advertisements on social med platform X, which Mr Musk owns.
In the final days of the campaign, several Tesla engineers and current and former executives posted on X in support of Mr Musk’s leadership.
UAE currency: the story behind the money in your pockets
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
UAE currency: the story behind the money in your pockets
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
