Elon Musk has branded an investor’s decision to vote against his £45bn pay package for Tesla “not right”.
The world’s richest man faces a backlash from investors when his salary at the electric vehicle maker comes up for a vote on Thursday.
And Tesla’s eighth-largest shareholder, Norway’s sovereign wealth fund, was the latest to say it would vote against pay compensation.
In a post on X, the social media platform he owns, Musk responded and said this was “not okay.”
He added: ‘If you actually surveyed your constituents, you would find overwhelming support for it.
Cash plea: Tesla boss Elon Musk faces investor backlash as his mammoth £45bn pay package goes to vote on Thursday
So far, approximately 90 percent of retail shareholders who voted did so in favor of both resolutions. Public sentiment is unequivocally favourable.’
In January, a Delaware court ruled that Tesla’s board of directors had not acted in the interests of investors in reaching a deal.
Shareholders will vote Thursday for a second time on the plan. The pay deal, which was established in 2018, was the largest ever reached in U.S. corporate history.
Norges Bank Investment Management (NBIM), which operates Norway’s £1.34 billion, said over the weekend that “we remain concerned about the overall size of the award, the structure given the performance triggers, dilution and lack of key person risk mitigation.
But it did recognize “the significant value generated under Musk’s leadership since the grant date in 2018.”
Shares of the electric car company have fallen 40 percent this year amid concerns about Musk’s own erratic behavior.
But investors supporting Musk’s pay concession include the Scottish Mortgage Investment Trust.