Informative

Tesla shareholders advised to reject Musk's $56 billion pay

Update / Judgement Date

25 May 2024

Source

Livemint

Author

Team — WCP Legal Desk

Reading Time

1 min read

Stock Market

Proxy advisory firm Glass Lewis has advised Tesla shareholders to reject a proposed $56 billion pay package for CEO Elon Musk, deeming it excessively large. The package, which lacks salary or cash bonuses, hinges on Tesla's market value reaching $650 billion over a decade. \r

Glass Lewis also criticized Musk's high-profile projects and Tesla's board, known for its close ties with Musk. The firm opposed Musk's bid to move Tesla's incorporation to Texas, citing risks. Tesla urged shareholders to support the compensation. Board chair Robyn Denholm defended Musk's eligibility based on revenue and stock price achievements. \r

Glass Lewis also recommended voting against reelecting Kimbal Musk but supported former 21st Century Fox CEO James Murdoch's reelection.

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Tesla shareholders advised to reject Musk's $56 billion pay

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