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.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
COMPANY%20PROFILE%20
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Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Gertrude Bell's life in focus
A feature film
At one point, two feature films were in the works, but only German director Werner Herzog’s project starring Nicole Kidman would be made. While there were high hopes he would do a worthy job of directing the biopic, when Queen of the Desert arrived in 2015 it was a disappointment. Critics panned the film, in which Herzog largely glossed over Bell’s political work in favour of her ill-fated romances.
A documentary
A project that did do justice to Bell arrived the next year: Sabine Krayenbuhl and Zeva Oelbaum’s Letters from Baghdad: The Extraordinary Life and Times of Gertrude Bell. Drawing on more than 1,000 pieces of archival footage, 1,700 documents and 1,600 letters, the filmmakers painstakingly pieced together a compelling narrative that managed to convey both the depth of Bell’s experience and her tortured love life.
Books, letters and archives
Two biographies have been written about Bell, and both are worth reading: Georgina Howell’s 2006 book Queen of the Desert and Janet Wallach’s 1996 effort Desert Queen. Bell published several books documenting her travels and there are also several volumes of her letters, although they are hard to find in print. Original documents are housed at the Gertrude Bell Archive at the University of Newcastle, which has an online catalogue.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory