● With three weeks left to vote, Tesla's General Shareholders' Meeting records the highest number of proxy votes from eToro users
● These have voted about a quarter (24%) of all Tesla shares they own.
● More than 80% have applied in favor of Elon Musk's compensation package
Monday, May 20, 2024. A record number of retail investors have already voted on the top proposals to be addressed at Tesla's upcoming Annual General Meeting (AGM), with the majority backing Elon Musk's much-rumored pay package, according to the latest data from the eToro investment and trading platform.
eToro users who own Tesla shares have been casting proxy votes on several motions that will be decided at the June 13 meeting, one of which is whether or not to approve Elon's $56 billion compensation plan. Musk. With more than three weeks left before investors can cast their votes by proxy, the General Shareholders' Meeting has already recorded the highest participation of eToro users, surpassing the previous record set by GameStop.
So far, about a quarter (24%) of all Tesla shares held by eToro users have been voted on. For comparison, at Microsoft's recent AGM, the equivalent figure was 1.7%, while for Apple it was 1.9%.
"Tesla is the most popular stock on the eToro platform and is a company that users are deeply passionate about. I am delighted that so many of them will have the opportunity to participate in what is probably the most anticipated AGM in recent years. years. This is exactly why we launched proxy voting early last year: to give retail investors the opportunity to influence the corporate governance of the brands they invest in and care about," comments Yoni Assia, CEO and co-founder of eToro.
Tesla has been urging its retail investor community to participate in the AGM. Just a few days ago, CEO Elon Musk expressed concern in a post on X that a significant number of the company's retail investors had not been able to cast proxy votes.
Tesla shareholders have to vote on a series of issues for the next AGM. Regarding Elon Musk's compensation, the vote refers to "a proposal by Tesla to ratify the 100% performance-based stock option award to Elon Musk that was proposed and approved by our shareholders in 2018." Among eToro users who have cast votes on this proposal, more than 80% have voted in favor of the motion.