Summarize this content to 2000 words in 6 paragraphs in Arabic
\n DETROIT (AP) \u2014 If Tesla shareholders approve an all-stock compensation package for CEO Elon Musk that was thrown out this year by a Delaware judge, it would almost guarantee he would remain at the company he grew to be the world leader in electric vehicles, shifting to AI and robotics including autonomous vehicles, which Musk says is Tesla\u2019s future.If Tesla shareholders vote against restoring Elon Musk\u2019s $44.9 billion pay package Thursday, the CEO could deliver on threats to take artificial intelligence research to one of his other companies. Or he could even could walk away.Late Wednesday, Musk said on his social media platform X that early voting results indicated shareholders back his pay package and other company initiatives like re-incorporating Tesla in Texas by \u201cwide margins.\u201dMusk has run into trouble with statements about Tesla that he\u2019s made on X before he owned it and on Thursday, the company filed Musk\u2019s comments on preliminary results with the U.S. Securities and Exchange Commission. <\/p>\n
Shares of Tesla Inc., down 30% this year, rose sharply before the opening bell. Even if shareholders do officially approve his compensation package at Tesla\u2019s annual shareholders\u2019 meeting Thursday, which many analysts have said is likely, there would be uncertainty. Musk has threatened on X, his social media platform, to develop AI elsewhere if he doesn\u2019t get a 25% stake in Tesla (He owns about 13% now). Musk\u2019s xAI recently received $6 billion in funding to develop artificial intelligence. <\/p>\n
Wedbush Analyst Dan Ives said he expects the package to be overwhelmingly reapproved, ending a lot of uncertainty with Musk. \u201cThis issue has been an overhang on Tesla\u2019s stock, and this will be important to move this distraction in the rearview mirror,\u201d Ives wrote in a note to investors.<\/p>\n
Shares of Tesla Inc. have slumped this year with the company warning of \u201cnotably lower\u201d sales growth in 2024.<\/p>\n
According to Musk, early indications suggest that shareholders also back the relocation of Tesla\u2019s legal home to Texas, and out of Delaware. The move is designed to escape from the Delaware court\u2019s oversight and possibly a ruling from Chancellor Kathaleen St. Jude McCormick that invalidated Musk\u2019s pay package. In a January opinion on a shareholder lawsuit, the judge determined that Musk controlled the Tesla board and is not entitled to the landmark package once worth nearly $56 billion.Multiple institutional investors have come out against that sizeable payout, some citing falling vehicle sales, price cuts and the tumbling Tesla stock price. But Tesla\u2019s top five institutional shareholders, Vanguard, BlackRock, State Street, Geode Capital, and Capital Research either said they don\u2019t announce their votes or wouldn\u2019t comment. They control about 17% of the votes. Erik Gordon, a business and law professor at the University of Michigan, said individual shareholders are likely to vote for the package, and they own more than half of Tesla\u2019s shares.One institutional investor who came out against the package is California\u2019s State Teachers Retirement System. The large pension fund said Tuesday that it would vote against Musk\u2019s pay \u201cbased on its sheer magnitude, and because the award would be extremely dilutive to shareholders. We also have concerns with the lack of focus on profitability for the company.\u201d<\/p>\n
In May, two big shareholder advisory firms, ISS and Glass Lewis, recommended voting against the package. But Tesla and Musk have unleashed a furious lobbying effort to get the package approved, in posts on X, television appearances and in proxy filings with the U.S. Securities and Exchange Commission.\u201cOnly 2 days left to protect & help grow the value of your investment in $TSLA by voting FOR ratification of the 2018 CEO Performance Award,\u201d Tesla posted on X early Tuesday.Tesla Chairwoman Robyn Denholm, in a letter to shareholders, wrote that the package was approved by 73% of the vote six years ago. \u201cBecause the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value. That strikes us\u2009\u2014\u2009and the many stockholders from whom we already have heard\u2009\u2014\u2009as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it,\u201d she wrote.<\/p>\n
Tesla has said the 2018 award incentivized Musk to create over $735 billion in value for shareholders in the six years since it was approved.If Tesla finalizes the vote on moving the company\u2019s legal home to Texas before the vote on Musk\u2019s pay package, and it manages to file the paperwork in Austin and get approval of the move, then the effect of the Delaware court ruling could be in doubt. Reapproval of the pay package would then be done as a Texas corporation and could fall under the purview of Texas courts.<\/p>\n
Anticipating a quick move by Tesla, lawyers for the shareholder who filed the lawsuit seeking to block Musk\u2019s pay deal, Richard Tornetta, filed motions in Delaware last month seeking an order stopping Tesla from trying to move the case. Tesla responded in letters to the judge that there is no cause for such concerns because they won\u2019t seek a move. Besides, Tesla would still be a Delaware corporation at the time of this week\u2019s shareholder vote, they wrote.In an order denying Tornetta\u2019s motions, Chancellor McCormick wrote that she interprets Tesla\u2019s letters to mean it has no intention of relocating the case to Texas. \u201cThe defendants\u2019 statements give me great comfort,\u201d she wrote.Eric Talley, a Columbia University law professor, said the lawyers are unlikely to try to move the case because their livelihood is handling business cases in Delaware courts.But it\u2019s also possible that the unpredictable Musk could change lawyers.McCormick, Talley said, is telling the lawyers \u201cOK, I\u2019m going to believe you, but I\u2019m going to be really irritated if this is a big send up for these things that you said you\u2019re not going to do.\u201dTalley, who also is a Tesla shareholder and said at present he plans to vote against Musk\u2019s pay, expects Tesla to follow through with appealing McCormick\u2019s ruling to the Delaware Supreme Court. <\/p>\n
window.fbAsyncInit = function() {
\n FB.init({<\/p>\n
appId : ‘870613919693099’,<\/p>\n
xfbml : true,
\n version : ‘v2.9’
\n });
\n };<\/p>\n
(function(d, s, id){
\n var js, fjs = d.getElementsByTagName(s)[0];
\n if (d.getElementById(id)) {return;}
\n js = d.createElement(s); js.id = id;
\n js.src = “https:\/\/connect.facebook.net\/en_US\/sdk.js”;
\n fjs.parentNode.insertBefore(js, fjs);
\n }(document, ‘script’, ‘facebook-jssdk’));<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic DETROIT (AP) \u2014 If Tesla shareholders approve an all-stock compensation package for CEO Elon Musk that was thrown out this year by a Delaware judge, it would almost guarantee he would remain at the company he grew to be the world leader in electric<\/p>\n","protected":false},"author":1,"featured_media":120731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57],"tags":[],"class_list":{"0":"post-120730","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-international"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/120730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=120730"}],"version-history":[{"count":1,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/120730\/revisions"}],"predecessor-version":[{"id":120732,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/120730\/revisions\/120732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media\/120731"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=120730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=120730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=120730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}