Tesla Jumps 2% as Shareholders Approve $1 Trillion Pay Package for Musk; Intel Gains 3% on Potential Tesla Partnership

Tiger Newspress

Nov 07

Tesla shareholders approved a $1 trillion compensation package for Chief Executive Officer Elon Musk, the largest payout ever awarded to a corporate leader.

More than 75% of the votes cast were in favor of the unprecedented pay plan, the company said Thursday at its annual meeting. The outcome caps a weekslong campaign by the electric vehicle maker’s board, its CEO and prominent retail investors to build support.

Tesla shares gained 2.1% in premarket trading on Friday.

Meanwhile, Elon Musk on Thursday said Tesla probably will have to build "a gigantic chip fab" to make artificial intelligence chips and publicly mused the EV maker could work with Intel.

Tesla is designing its fifth-generation AI chip to power its autonomous ambitions, and Musk at the company's annual meeting laid out potential manufacturing plans.

Intel shares gained 2.7% in premarket trading on Friday.

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