Protest: Tesla boss Elon Musk in line for record £44bn pay package
A group of Tesla investors are urging shareholders to reject a record £44bn pay package for chief executive Elon Musk.
Shareholders of the electric car maker will vote on June 13 in what would be the largest corporate payday in history.
But a coalition including New York City finance chief Brad Lander, SOC Investment Group and Amalgamated Bank said in a letter to investors that ratifying Musk’s pay package at the Annual General Meeting would do nothing to promote Tesla’s long-term growth and stability.
“Shareholders should not pretend that this award has any kind of incentive effect; it does not,” the group said.
The letter also criticized Musk as a part-time CEO, devoting more and more of his time to other business commitments, and warned that if shareholders ratified the huge pay package, Musk may push for even more next year.
