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Why are Tesla shareholders rejecting Musk's $56 billion salary?

2024-05-27 14:32:30Lifestyle SHKRUAR NGA REDAKSIA VOX

Why are Tesla shareholders rejecting Musk's $56 billion salary?

Proxy advisory firm Glass Lewis announced it has asked Tesla shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk, which if approved would be the largest pay package for a CEO in corporate America. .

The report cited reasons such as the "excessive size" of the pay deal and Musk's "extraordinary time-consuming projects," which have expanded with his high-profile acquisition of Twitter, now known as X.

The pay package was proposed by Tesla's board of directors, which has repeatedly come under fire for its close ties to the billionaire. The package has no salary or bonus money and sets rewards based on Tesla's market value rising to $650 billion over 10 years from 2018. The company is currently valued at about $571.6 billion, according to LSEG data.

In January, Judge Kathaleen McCormick of the Delaware Court of Chancery overturned the original pay package. Musk then sought to move Tesla's state of incorporation to Texas from Delaware.

Glass Lewis also criticized the proposed move in Texas as providing "uncertain benefits and additional risk" to shareholders. Tesla has asked shareholders to reaffirm their approval of the compensation.

In an interview this month, Tesla chairman Robyn Denholm told the Financial Times that Musk deserves the pay package because the company hit ambitious revenue and share price targets.

Musk became Tesla's CEO in 2008. In recent years, he has helped improve results, leading the company to a profit of $15 billion from a loss of $2.2 billion in 2018 and more than seven times vehicles have been produced, according to an online campaign website, Vote Tesla.

The proxy advisor also recommended shareholders vote against the re-election of board member Kimbal Musk, the billionaire's brother, while former 21st Century Fox CEO James Murdoch was recommended for re-election.


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