🔥 Elon Musk May Depart from Tesla
posted 7 Jun 2024
Tesla board chair Robyn Denholm has called on shareholders to approve a $56 billion pay package for Elon Musk, warning that the current CEO might otherwise resign. A re-vote is scheduled for June 13, following an initial rejection by shareholders that was subsequently overturned by a court ruling.
Tesla board chair Robyn Denholm has called on shareholders to approve a $56 billion pay package for Elon Musk, warning that the current CEO might otherwise resign. A re-vote is scheduled for June 13, following an initial rejection by shareholders that was subsequently overturned by a court ruling.
Elon is not a typical executive, and Tesla is not a typical company. So, the typical way in which companies compensate key executives is not going to drive results for Tesla. Motivating someone like Elon requires something different,Robyn Denholm explained in a letter to shareholders.
She also highlighted the critical importance of keeping Musk at the helm, citing his vast array of ideas and energy that could be channeled for the company's benefit. She argued that the payment is essential, not because Musk needs the money—he is already the richest person in the world—but because the potential payout reflects his value to Tesla.
Despite several legal and financial advisories recommending against the package, early voting among 25% of the shareholders has shown robust support, with at least 80% in favor of the proposal. If it passes, Elon Musk will become the highest-paid CEO in global corporate history.
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