Reported 6 months ago
Elon Musk is offering tours of Tesla's factory to 15 shareholders who will vote on his $56 billion pay package, in an effort to rally support for the compensation that was previously struck down by a court. The upcoming vote, set to be announced on June 13, is crucial for Musk's leadership at Tesla amid concerns that he is distracted by other ventures and controversial comments affecting Tesla's reputation and sales. The company is actively seeking shareholder approval for Musk's pay deal, emphasizing the necessity for him to prioritize Tesla over other commitments, with the tour scheduled for June 12 in Texas. Proxy advisory firm Glass Lewis recommended rejecting the pay package due to Musk's numerous time-consuming projects, such as SpaceX, Twitter, and xAI. Musk's ownership stake in Tesla could increase to 22% if the stock options are exercised, but he aims for 25% to pursue AI projects outside of Tesla, potentially impacting the company's valuation that heavily relies on AI technology for self-driving capabilities.
Source: YAHOO