Tesla shareholders will decide whether to back Elon Musk’s leadership—and unprecedented 11-figure bonus—in a pivotal moment for the carmaker.
Elon Musk is a man comfortable with risky bets. He pledged to send 1 million people to Mars , to fill factories with humanoid workers , and to create a network of highways deep underground . All of these bets are yet to pay off. But six years ago, Musk took a leap of faith that would also affect him personally. He tied his own pay at Tesla to a series of financial targets over the next decade, including boosting the company’s market value from $59 billion to $650 billion.
Deep rifts among investors have been exposed in the lead-up to the vote. Tesla board chair Robyn Denholm has backed the pay package, as has billionaire investor Ron Baron. “Tesla is better with Elon,” Baron wrote in an open letter last week. “Tesla is Elon.” Yet the deal’s opponents include two influential proxy advisory groups, which guide institutional investors on votes, as well as shareholders from the Nordic countries, where Tesla has clashed with workers over labor rights.
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