CalPERS to vote against Elon Musk's $1tn pay package
The California Public Employees's Retirement System (CalPERS), which owns about 5 million Tesla shares, is planning to vote against Elon Musk's proposed $1 trillion compensation agreement.
The deal, up for a vote at Tesla's annual meeting on November 6, would give Musk a much bigger stake in the company if he hits some pretty ambitious targets over the next decade.
Concerns over Musk's control and excessive pay
CalPERS thinks the pay plan is just too big compared to what other CEOs get and worries it could hand Musk even more control at Tesla.
This isn't their first time raising concerns—they've opposed similar deals before.
Plus, there's still legal drama: an earlier version of this compensation plan was struck down by a Delaware court, but Tesla is appealing and the debate over executive pay continues.