Tesla shareholders on Thursday approved chief executive Elon Musk's $56 billion pay package, a ringing endorsement of his leadership even as the electric car maker faces market challenges under his leadership.
Shareholders also approved a proposal to move the company's legal home to Texas from Delaware, Tesla said at its annual shareholder meeting in Austin, Texas.
Mr Musk had sought the move after a court in Delaware rejected his paycheque.
Cheers erupted when the proposal to grant him the pay package was mentioned before voting.
“It's incredible," Mr Musk told the crowd gathered at Tesla's headquarters in Austin. “I think we’re not just opening a new chapter for Tesla, we’re starting a new book.”
Mr Musk had posted a chart on his social-media platform X late on Wednesday that showed the resolution would pass by wide margins.
The Tesla chief could still face a long legal fight to convince a Delaware judge who invalidated the package in January, saying that as Mr Musk controlled the board, he was not entitled to the landmark payment.
The board said he deserves the package because he hit all of the ambitious targets on market value, revenue and profitability.
Mr Musk reassured shareholders that he will stick around, telling them he cannot sell any stock in the compensation package for five years.
“It's not actually cash, and I can't cut and run, nor would I want to,” he said.
Concerns have arisen, however, that as the owner of six companies including X, SpaceX and xAI, Mr Musk may be spread too thin.
He has also alienated a large part of his electric-vehicle client base, which is liberal-leaning, by increasingly aligning himself with Republicans and espousing conservative views.
A group of shareholders showed its displeasure with Mr Musk's leadership by filing a lawsuit against him, saying his new company xAI would be in competition against Tesla and would funnel talent and resources away from the electric vehicle maker.
The debate over whether Tesla's focus is on AI or electric vehicles is long-standing.
Mr Musk has threatened on X to develop AI elsewhere if he does not receive a 25 per cent stake in Tesla – he owns about 13 per cent now, according to AP.
Dubai's first rentable Tesla Cybertruck – in pictures
THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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