Tesla Shareholders Rebel Against Elon Musk's $1T Compensation Package
A group of Tesla shareholders is pushing back against Elon Musk's proposed $1 trillion compensation package, citing declining company performance and concerns over management oversight. They plan to urge investors at the November shareholder meeting to reject the payout, which is the largest in corporate history.
The shareholders, including SOC Investment Group and state officials from Nevada, New Mexico, and Connecticut, believe the Tesla board's 'relentless pursuit' of keeping Elon Musk is hindering the company's key goals. They point to declining operational and financial metrics, as well as an 'inability to provide real-time leadership'.
The coalition opposes the re-election of directors Ira Ehrenpreis, Joe Gebbia, and Kathleen Wilson-Thompson, accusing them of not properly overseeing Musk's management. The shareholders argue that the proposed payout, which could potentially reward Musk with over $50 billion, is excessive and not tied to performance metrics.
The shareholder coalition aims to challenge Elon Musk's compensation package and the re-election of certain board members at the upcoming shareholder meeting. They hope their actions will encourage better management oversight and improved company performance.
