Tesla faces a climb up “Mount Everest” as it tries to persuade shareholders to approve a relocation to Texas and sign off – again – a $56bn pay deal for Elon Musk, according to the electric car company’s chair.
Robyn Denholm, the chair of Tesla’s board, is battling to win over shareholders before an annual meeting next month.
Denholmtold the Financial Times: "We’re very early days of the campaign and we will be meeting with [shareholders] all the way through to the day of the vote.
"The vote’s pretty important for us as a company, but I also think it’s important for corporate America as well.”
The controversial pay deal has already been backed once by shareholders, back in 2018, but was vetoed by a Delaware judge in January.
But Tesla is refusing to let the matter lie, and has decided to put it to investors again – and also approve a decision to move the company’s state of incorporation from Delaware to Texas.
The pay vote is a simple majority, but to shift the incorporation requires a majority of all shares outstanding.
The prime minister, Rishi Sunak, and his wife, Akshata Murty, have climbed up the list of the UK’s richest people, after their combined fortune rose by more than £120m last year.
The Hinduja family, led by Gopi Hinduja, retain their place at the top of the rich list this year.
The Hinduja’s wealth rose by almost £2.2bn last year to £37.196bn, from a property-to-industrial conglomerate, which also covers energy and finance, from London.
They recently transformed the Old War Office building in Whitehall into a Raffles hotel with 120 rooms, 11 restaurants and 85 serviced flats.
In second place, with £29.246bn, is Sir Leonard Blavatnik. His investment group Access Industries holds a majority stake in Warner Music. Its value has jumped this year, lifting Blavatnik from third place a year ago.
That bronze medal slot is now occupied by David and Simon Reuben and family, with £24.977bn. The Reubens are property tycoons, having first made a fortune in metals trading – purchasing Russian aluminium before buying up large tracts of London’s landmark buildings.
The agenda • 9am BST: speech by Bank of England policymaker Catherine Mann on "cost of capital: measurement and implications for business investment” • 10am BST: eurozone inflation report for April • 5pm BST: Russia’s GDP for Q1 2024
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