Elon Musk is confident his controversial pay package will get the tick from Tesla shareholders.
Tesla shareholders were set to approve Elon Musk’s $US56 billion pay package in what is being seen as a thumbs-up to his leadership - and an enticement for keeping his focus on the electric-vehicle maker. Musk posted a chart on his social media platform X late on Wednesday that showed the resolution - and another vote to move the company’s legal home to Texas - were set to pass by wide margins, though shareholders are allowed to change their votes up to the start of the annual meeting.
“This vindicates Musk and allays some investor concerns around his waning interest in Tesla,” said Sandeep Rao, senior researcher at Leverage Shares, which owns Tesla’s stock. Major proxy firms Glass Lewis and Institutional Shareholder Services had urged shareholders to reject the pay package, and large investors including Norway’s sovereign wealth fund and major US pension funds had said they would vote against it.The pay package is excessive and may enable Musk to strengthen his shares “at the expense of diluting the value of those belonging to other shareholders,” Marcie Frost, CEO of the California Public Employees’ Retirement System said.
“They are brushing aside essentially key-man risks, where Tesla has become even more dependent on Musk going forward,” he said, citing high-profile executive departures in the past few months.
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