Payday: Tesla boss Elon Musk to receive £44bn windfall
Scottish Mortgage Investment Trust will back Elon Musk’s £44bn pay package next month.
Tom Slater, who manages the £14.1bn trust, said he believes compensation should be paid after it was agreed in 2018.
As one of Tesla’s oldest investors, it’s a vote of confidence for Musk as he faces possible backlash at the car company’s annual meeting on June 13.
“We agreed the remuneration because it introduced extremely demanding targets which, if achieved, would cost shareholders a huge amount,” Slater told the Financial Times.
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 on the plan again next month. Eight investors ask others to eliminate salaries.