Tesla shareholders, state officials urge rejection of Musk's $1T pay
What's the story
A coalition of Tesla shareholders and state officials has urged investors to reject Elon Musk's proposed $1 trillion pay package at the company's November meeting. The group, which includes SOC Investment Group and several state treasurers from Nevada, New Mexico, and Connecticut, has also called for the rejection of directors Ira Ehrenpreis, Joe Gebbia, and Kathleen Wilson-Thompson.
Concerns raised
Coalition's criticism of Tesla board
The coalition has criticized the Tesla board for its "relentless pursuit" of retaining Musk, citing it as a reason for their opposition. They argue that this focus has hindered progress on key goals set at the last annual meeting. The group also pointed to declining operational and financial performance as well as a "failure to provide meaningful real-time oversight of management."
Defense mounted
Tesla defends Musk's proposed compensation plan
In response to the criticism, Tesla has defended its proposed $1 trillion compensation plan for Musk. The company said the performance incentive plan aligns Musk's pay with shareholder value creation "of trillions of dollars." "If Elon Musk doesn't deliver results, he receives nothing," Tesla added in a post on X.
Opposition grows
NY City Comptroller among opposing officials
Among the state officials opposing Musk's pay package is New York City Comptroller Brad Lander. A long-time critic of Tesla's board and its oversight of Musk, Lander has often been involved in reform campaigns that spark debates at the company's annual meetings. His term as Comptroller ends on January 1, 2026.