Tesla Shareholder Group Slams Elon Musk’s $56 Billion Pay Package
- Eight holders write letter raising litany of governance issues
- Investors are voting again on unprecedented payout for CEO
Elon Musk
Photographer: Frederic J. Brown/AFP/Getty Images
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A coalition of Tesla Inc. shareholders is urging its peers to reject the $56 billion pay package for Chief Executive Officer Elon Musk that the company’s board has asked investors to approve again.
Amalgamated Bank, SOC Investment Group and six other signatories that hold a small portion of Tesla stock said Musk is distracted by his commitments to the five other companies he controls and isn’t serving the carmaker’s best interests. The group also urged shareholders to vote against the reelection of directors Kimbal Musk — Elon Musk’s brother — and James Murdoch.