A second shareholder advisory firm has come out against reinstating a pay package for Tesla CEO Elon Musk that was voided this year by a Delaware judge.
A second shareholder advisory firm has come out against reinstating a pay package for Tesla Chief Executive Elon Musk that was voided earlier this year by a Delaware judge. Institutional Shareholder Services late Thursday joined Glass Lewis in recommending against the package, which was recently valued by the company at $44.9 billion but in January had a value of about $56 billion.
' Tesla is struggling with falling global sales, slowing electric vehicle demand, an aging model lineup and a stock price that has tumbled about 30% this year. Tesla asked shareholders to restore Musk's pay package after it was rejected by a Delaware judge this year. At the time, it also asked to shift the company’s legal corporate home to Texas. Glass Lewis recommended against moving the legal corporate home to Texas, but ISS said it favored the move.
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