Tesla Shareholders Revolt Against $1 Trillion Musk Payout
Tesla's proposed $1 trillion compensation plan for Elon Musk has sparked a backlash among shareholders. A coalition of state treasurers and prominent investors is opposing the payout, which they argue is excessive and hinders the company's progress.
The coalition opposing the payout includes the treasurers of Nevada, New Mexico, and Connecticut. They are joined by shareholders who point to declining operational and financial metrics, as well as an 'inability to provide real-time leadership'. The group is also calling for a review of the proposed payout, which is the largest in corporate history.
Shareholders note that the board's 'relentless pursuit' of keeping Elon Musk is hindering Tesla's key goals. They oppose the re-election of directors Ira Ehrenpreis, Joe Gebbia, and Kathleen Wilson-Thompson, who they criticize for their role in approving the compensation package at the company's November meeting.
The proposed $1 trillion payout for Elon Musk has divided Tesla shareholders. A coalition of state treasurers and prominent investors is calling for a review, citing declining metrics and concerns about the board's leadership. The outcome of this dispute will significantly impact Tesla's future direction.
