Unions urge states to block Elon Musk's $29B Tesla pay
A group of labor unions and progressive organizations—including the American Federation of Teachers and MoveOn—are urging state officials to reject Elon Musk's $29 billion pay award from Tesla.
They're worried this massive payout could put public pension funds at risk, and say it highlights how closely tied Tesla's board is to Musk.
Unions concerned about shareholders' stakes being diluted
The coalition is especially concerned about Tesla granting Musk 96 million new shares this month, even after a Delaware court tossed out his previous $56 billion pay plan in January 2024 for being too big and too conflicted.
They argue shareholders shouldn't have to see their own stakes diluted just to boost Musk's compensation.
Legal battle over Musk's massive 2018 pay package continues
This all ties back to an ongoing legal battle over Musk's huge 2018 pay package, which was struck down because the court found Tesla's board wasn't independent enough from him.
Even as appeals continue, Tesla has given Musk this new interim award while the company shifts toward AI and robotics.
For now, unions are keeping up pressure for more independent oversight at Tesla.