The technology giant intends to utilize these shares for employee stock-based compensation programs. This move follows a board meeting where the company finalized plans to buy back a total of 18 million shares between January 8 and April 7.
At Tesla's annual shareholder meeting on Thursday, more than 75 per cent of shareholders voted in favour of Musk's stock-based compensation plan, excluding the 15 per cent stake he already owns. The room erupted in cheers and chants as the results were announced.