The Battle Over Elon Musk’s Pay: Tesla Fans Vs. Critics | News World

Tesla is setting the stage for a battle between some vocal institutional investors and some of Elon Musk’s biggest supporters.

The two sides appear ready to face off at Tesla’s annual shareholder meeting on June 13. Over the past few weeks, several investment firms have urged shareholders to vote against the proposed pay package for Musk, which was valued at $55 billion when it was struck down by a Delaware judge earlier this year.

The executive pay plan, which was first approved in 2018, is centered on a series of goalposts around Tesla’s financial growth. The plan involves a 10-year grant of 12 tranches of stock options that are vested when Tesla hits specific targets. When the company hits each milestone, Musk gets stock equal to 1% of outstanding shares at the time of the grant. Tesla said it hit all of the 12 targets as of 2023.

The Delaware judge that voided the compensation plan in January argued that Musk had undue influence over the package and its approval because of his…


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