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18 Jun 2024 02:21

Tech & Start Up The Latest

Record number of Tesla retail investors turn out to back Musk pay deal following firm’s rallying cry

 Tesla AGM sees biggest ever proxy vote turnout by eToro users, with three weeks left to vote

● Votes have been exercised on around a quarter (24%) of all Tesla shares held by eToro users

● More than 80% have voted in favour of Elon Musk compensation package

A record number of retail investors have already voted on the key proposals being addressed at Tesla’s upcoming Annual General Meeting (AGM), with the majority backing Elon Musk’s much-talked about compensation package, according to latest data from trading and investing platform eToro.

eToro users holding Tesla stock have been casting proxy votes on several motions to be decided on at the June 13 AGM, one of which is whether or not to approve Elon Musk’s $56 billion pay plan. With more than three weeks left in which investors can cast proxy votes, the AGM has already seen the biggest ever turnout by eToro users, beating the previous record set by GameStop.

So far, votes have been exercised on around a quarter (24%) of all Tesla shares held by eToro users. For comparison, at Microsoft’s recent AGM, the equivalent figure was 1.7%, whilst for Apple it was 1.9%.

Yoni Assia, CEO and co-founder of eToro, said: “Tesla is the most popular stock on the eToro platform and it’s a company that eToro users are deeply passionate about. I’m thrilled that so many of them are getting the chance to take part in what’s probably the most anticipated company AGM in years. This is exactly why we launched proxy voting at the beginning of last year – to give retail investors the opportunity to influence the corporate governance of the brands they invest in and care about.”

Tesla has been urging its retail investing community to participate in the AGM, and just days ago CEO Elon Musk expressed his concern in a post on X that a significant number of Tesla retail investors have not been able to cast proxy votes.

Tesla shareholders have been asked to vote on a number of questions for the upcoming AGM. With regards to Elon Musk’s compensation, the vote was specifically on ‘a Tesla proposal to ratify the 100% performance-based stock option award to Elon Musk that was proposed to and approved by our stockholders in 2018’. Amongst the eToro users who have cast votes on this proposal, more than 80% have voted in favour of the motion.

eToro enables its users to cast proxy votes through its partnership with Broadridge Financial Solutions. eToro users, including those holding fractional shares, are able to participate in AGMs for stocks listed all over the world by casting a proxy vote on issues such as mergers, executive pay and environmental, social and governance targets.

 

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