In a historic vote, Tesla shareholders have power to decide whether Musk will keep his title as richest man on earth.
Tesla CEO Elon Musk, left, with his son X Æ A-XII and André Thierig, plant manager of the Tesla Gigafactory Berlin Brandenburg, at the Tesla factory in Germany on March 13, 2024. SAN FRANCISCO — For weeks, Tesla CEO Elon Musk has waged a campaign to persuade Tesla shareholders to restore his nearly $50 billion pay package, the largest “ever observed in public markets,” according to the Delaware judge who voided it.
In a letter to investors earlier this month, Tesla chairperson Robyn Denholm urged investors to support Musk because he is “not a typical executive” and motivating him “requires something different.” It’s unclear which way the vote will swing: While some key investors have vowed to oppose the package, others have been silent. Vanguard Group, BlackRock and State Street Corp., which collectively own about 17 percent of Tesla stock, have not publicly stated their positions. None responded to requests for comment.Meanwhile, about 40 percent of Tesla is held by non-institutional investors, including individual retail investors.
James Park, a professor at the UCLA School of Law who studies securities regulation and corporate law, said a vote in favor of the proposal would be a “powerful statement” that shareholders want Musk to be integrally involved in the company and they “can’t imagine Tesla without him.” A no vote, however, would reflect dissatisfaction with Musk’s leadership and the current state of the company.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla’s Top Retail Investor Votes Against Restoring Elon Musk’s $50 Billion Pay PackageAlan Ohnsman is a Forbes senior editor who covers cleantech and advanced transportation. He joined Forbes in 2016 and works in Los Angeles. He co-authors the Current Climate newsletter, has written about promising clean energy developments and covered Tesla since 2006, when he was with Bloomberg News. He has a graduate degree in journalism and a B.
Read more »
The Inconvenient Truth About Elon Musk’s New Love Affair With Trump2014 Elon Musk would have hated 2024 Elon Musk.
Read more »
The $50 Billion Musk ReferendumTesla shareholders will decide whether to back Elon Musk’s leadership—and unprecedented 11-figure bonus—in a pivotal moment for the carmaker.
Read more »
Legal expert explains how Elon Musk can get a 25% stake in TeslaLegal expert explains how Elon Musk can get a 25% stake in Tesla
Read more »
Elon Musk ditches lawsuit against OpenAI faster than a Tesla on autopilotThe lawsuit filed by Musk in February alleged that OpenAI and Altman had breached a 'founding agreement' to prioritize the betterment of humanity.
Read more »
‘Elon Doesn’t Care About Tesla Anymore’: Musk’s Biggest Fans Are Turning On HimAlan Ohnsman is a Forbes senior editor who covers cleantech and advanced transportation. He joined Forbes in 2016 and works in Los Angeles. He co-authors the Current Climate newsletter, writes about promising clean energy developments and has covered Tesla since 2006, when he was with Bloomberg News. He has a graduate degree in journalism and a B.
Read more »