Tesla Shareholders Rebel Against $1T Musk Compensation Plan
Tesla's board faces a rebellion from shareholders and a coalition opposing the re-election of certain directors ahead of the November meeting. The main point of contention is the proposed $1 trillion compensation package for Elon Musk.
The coalition, comprising influential shareholders like SOC Investment Group and state officials, has expressed dissatisfaction with the proposed payout. This would be the largest in corporate history, sparking concerns about Tesla's operational and financial metrics, which have been declining. Shareholders also question Musk's leadership and the board's 'relentless pursuit' of keeping him, arguing that it hinders Tesla's key goals.
Earlier this month, Tesla's board proposed the Elon Musk compensation plan, which has since drawn mixed reactions from shareholders. They are now calling for a review of the proposed payout, setting the stage for a contentious November meeting.
The opposition to Musk's compensation package and the re-election of certain directors signals a growing divide among Tesla's shareholders. The upcoming November meeting promises to be a pivotal moment, with the future of Tesla's leadership and compensation structure hanging in the balance.
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