Elon Musk wants the biggest pay package in history, but will investors back the $50bn deal?
In 2018, Tesla shareholders approved the biggest pay package in history for Elon Musk. Six years later, will they do it again?
But earlier this year, a Delaware judge voided the deal after a small investor sued, ruling that the sum was "unfair" and the process for determining the package, by a board dominated by Mr Musk, was "deeply flawed". Though the 42-year-old expects the deal to pass, he hopes a tough vote will send a message to Tesla's board, which for years has faced concerns that it does not exert sufficient oversight of Mr Musk. He is not worried about losing Mr Musk, believing Tesla has gotten to a point where it can succeed without him.
But Tesla appears to be hoping that a resounding victory will help as its legal fight continues, says Ann Lipton, law professor at Tulane University. But keeping Mr Musk may be a less compelling argument than it once was, says Steve Westly, founder of the Westly Group, an early Tesla backer. Prominent Tesla investors such as Ron Baron and Cathie Wood, as well as established firms such as Scottish Mortgage Investment Trust are among those voicing support.
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