Exclusive-Vanguard vote switch helped pass Tesla CEO Elon Musk's $56 billion pay package
)'s largest outside investor Vanguard said it voted in favor of CEO Elon Musk's $56 billion pay package, citing the company's performance, contributing to the passage of the record-setting arrangement on Thursday.
On Friday, the note will be made available on Vanguard's website to the fund manager's more than 50 million investors. Tesla had looked to its big retail shareholder base to help approve Musk's pay and other items including re-electing two directors and shifting the company's incorporation to Texas. In its note, Vanguard said while Musk's pay was"a substantial outlier" among CEOs, Tesla's shareholder return was in the 98th percentile of all Russell 3000 companies from 2018 through 2023."There are few companies that have created as much absolute market value appreciation as Tesla," Vanguard said.
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