CalSTRS CIO Chris Ailman told CNBC that the pension fund will vote against the move to reinstate Musk's pay package from 2018.
The vote this week is to effectively reinstate a 2018 pay package that was struck down by a judge in January.
Ailman said that the fund doesn't plan to sell its Tesla shares but that he does think the valuation for the stock is too high.Elon Musk, CEO of Tesla and owner of social media site X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France, on June 16, 2023.
"We'll pay him 140-times the average worker pay. How about that deal? I think that's more than fair. This pay package is ridiculous," Ailman said on "CalSTRS held just under 4.7 million shares of Tesla as of June 30, 2023, according to its website. Calstrs has owned a stake in Tesla since before it went public, Ailman said. Tesla was then headquartered in California but moved to Texas in late 2021.
"Even if these cars had AI in them, they are not worth 60-times earnings. That is absurd," Ailman said.
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