Tesla Inc.’s campaign to award its chief executive officer, Elon Musk, a pay package potentially worth $US1.5 trillion is drawing to a close. Board chair Robyn Denholm stated that Musk would likely take it personally if shareholders vote against the proposal. Denholm based this view on direct conversations she’s had with Musk.
Denholm warned that Musk might leave or become less active at Tesla if the compensation measure fails. She made these comments at Bloomberg’s office in New York last week. Tesla is an electric vehicle and clean energy company that also develops battery energy storage, solar panels and solar roof tiles. The company aims to accelerate the world’s transition to sustainable energy.
In June 2024, Musk posted early results on X, hours before voting concluded on re-approving a previously voided stock award, showing the resolution’s likely passage. He bracketed his message of thanks with heart emojis. This shows Musk’s deep personal investment in these votes.
Shareholders have until midnight New York time to decide the fate of Tesla’s latest compensation plan. If approved, the plan could raise Musk’s stake in the company to 25% within the next decade, contingent on achieving targets to expand Tesla’s market value, revive its car business, and launch its robotaxi and robotics initiatives.
