Satisfied with losing one-fifth of its stock price as the company addresses lowering sales and exploding batteries, Tesla’s shareholders re-approved social media troll Elon Musk’s $56 billion pay package, CNBC reports. It’s a purely symbolic act, thumbing the corporate nose at the Delaware corporate judge who ruled Musk’s compensation plan wasn’t faithfully negotiated because Musk controlled the members of the board who negotiated it.
A group of shareholders successfully sued in Delaware, where Tesla is incorporated, to void the deal saying the board would have uncritically approved anything Musk presented, breaching their fiduciary responsibilities. While the court’s order to renegotiate Musk’s compensation again stands, Musk can use the vote as justification for reimposing the old agreement or a similar one.
In a bit of spite, Tesla’s shareholders also approved a Musk-demanded motion to officially relocate the corporate headquarters from Delaware to Texas.