Tesla’s CEO Elon Musk has been actively engaging with fans on social media platforms, leading to an increase in regulatory filings by Tesla’s legal team. These filings are aimed at ensuring that shareholders are fully informed before voting on Musk’s $56 billion compensation package. One of the key reasons behind a Delaware judge rescinding the 2018 pay package was the lack of accurate information provided to shareholders during the voting process. Therefore, Tesla has been proactive in covering all bases by sharing and transcribing videos and posts that Musk has engaged with.
To further strengthen their case, Tesla has submitted more filings to the Securities and Exchange Commission (SEC) in the past three months than in the last five years. These filings exclude executive transactions and letters to and from the SEC, making it a significant increase compared to the period before the controversial “funding secured” incident in 2018.
In addition to the regulatory filings, Tesla’s biggest fans have been actively promoting the vote through various social media channels. They have posted numerous calls-to-action and coordinated efforts to help shareholders understand the voting process. Tesla itself has joined in by posting photos and a timeline of accomplishments since the original vote in 2018. The company even created a dedicated website and released a video featuring Tesla’s chair, Robyn Denholm, who rarely makes public appearances on behalf of the company.
Notably, many top executives, including those who rarely use social media platforms, voiced their support for Musk and his compensation package. Their posts highlighted Musk’s invaluable role in driving Tesla’s success and emphasized that he is critical for the company’s future.
While very few employees or supporters addressed the judge’s opinion about the unfairness of the process leading to the compensation package, this collective effort has reinforced the narrative that Tesla’s success is closely tied to Musk’s leadership. This narrative aligns with shareholders’ belief that Musk deserves the compensation package he helped negotiate. As legal challenges regarding Musk’s pay and Tesla’s move to Texas are expected in the coming months, the celebration of the ongoing shareholder vote results serves as a temporary victory for Tesla and its supporters.