The cult of Elon Musk was on full display at Tesla’s shareholder vote

It’s no secret that Elon Musk has a cultlike following — and that was on full display at Tesla’s annual shareholder meeting on Thursday.

Musk mobilized his fan base to help push through his $55 billion pay package, and some of Tesla’s biggest supporters scored invites to the annual meeting.

Some also scored a factory tour with the CEO — one of many tactics Tesla used to boost the number of retail shareholders who voted on proposals, including Musk’s pay package and one for Tesla to move its state of incorporation from Delaware to Texas (which was also approved).

Musk and Tesla’s board did a full-court press in the lead-up to the vote, and it seems to have worked.

The New York Times’ DealBook reported that Tesla got a higher-than-usual number of retail investors to vote, and Musk’s pay package passed with about 72% approval. Retail investors undoubtedly played a key role, but Tesla needed the support of some of its biggest institutional investors, like BlackRock and Vanguard, to get the pay package across the finish line.

Vanguard was Tesla’s largest outside investor to vote in favor of the pay package, Reuters reported. Vanguard’s fund manager voted against the compensation package in 2018, the report said.

A triumphant atmosphere — and some dancing from Musk
For Musk and Tesla fans who made the journey to Texas for the meeting, the mood was celebratory.

Some wore Cybertruck shirts to the event, and others signed a large banner emblazoned with the words “Don’t mess with Tesla retail shareholders.”

After it became official that shareholders had reapproved his enormous pay package, Musk danced his way onto the stage, jumping up and down to the crowd’s cheers.

“I just want to start off by saying hot damn! I love you guys,” Musk said.

Thursday’s vote made one thing crystal clear: For many of Tesla’s retail shareholders, the feeling is mutual. Most of the questions posed to Musk during the Q&A segment started with the shareholders singing their praises of the Tesla CEO.

One shareholder started by saying, “We love you so much, Elon.” Another said he moved to Texas thanks to Musk. One shareholder referred to him as “an absolute idol” and asked if Musk was taking care of his safety and health, because he cared about Musk as a person.

Musk ate it up. The CEO was in high spirits and even agreed on the spot to make a change a shareholder proposed, offering to allow Tesla owners to transfer its Full Self-Driving package to new vehicles for one more quarter.

Musk’s tendency to make bold and ambitious promises, even if they shift, is part of what excites his fan base. His ability to achieve seemingly impossible goals, like the ones entailed in his performance-based compensation plan, has clearly fueled loyalty and passion for his vision.