Long-time Tesla shareholder Baillie Gifford to back Musk's $56B payday: Bloomberg
) shareholder Scottish fund manager Baillie Gifford is set to throw its weigh behind Elon Musk and vote in favor of backing Elon Musk’s $56 billion pay package, Bloomberg report Monday, citing unnamed sources.
Musk has won the backing of Baillie Gifford, which has held the stock for over a decade and once was Tesla’s second-largest shareholder before reducing its stake to 0.5%, as the Tesla CEO achieved the lofty targets set in 2018, a source told Bloomberg.But not everyone is on team Musk when it comes to giving his $56B payday the green light.
The ongoing pay-package saga has been an one of many overhangs on Tesla's stock, Wedbush said in a recent note, but approval would be an crucial step to move this"distraction in the rearview mirror," at a time when many are questioning demand for Tesla amid stiff competition in China and slowing EV sales.
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