Would You like a feature Interview?
All Interviews are 100% FREE of Charge
Elon Musk is face He’s been an investor and CEO of Tesla for two decades, but that could change next week if shareholders don’t approve his multi-billion-dollar compensation package.
Tesla Chairman Robin Denholm to become shareholder letter The company on Wednesday asked shareholders to approve Musk’s proposed $56 billion compensation package at its annual meeting on June 13.
The compensation package is Highest The biggest change in corporate America’s history “was obviously not driven by money,” Denholm writes.
Related: Tesla asks shareholders to approve record pay for CEO Musk
Instead, Denholm framed the issue as a way to motivate Musk to stay focused on Tesla.
“If Tesla wants to retain Elon’s attention and motivate him to continue to devote his time, energy, ambition and vision to delivering comparable results, we must live up to our contract,” Denholm wrote.
Tesla CEO Elon Musk. Photo: Christian Marquardt – Pool/Getty Images
Musk’s compensation package was approved by shareholders for the first time. 2018 And it was alleged that Musk needed to lead Tesla if the company was to hit a series of revenue, market capitalization and operational milestones.
For example, one of the goals was to increase Tesla’s market capitalization by about $600 billion.
Related: Elon Musk: Tesla’s robotaxi will arrive in August
Musk may have achieved his goal and received his compensation earlier this year, but he had a legal problem. A Delaware judge ruled Flipped The company announced its compensation package in January, calling it “unfathomable,” and writing that “the proxy statement inaccurately describes key directors as independent and misleadingly omits details about the process.”
Tesla is now moving its headquarters from Delaware to Texas and is asking shareholders to re-approve Musk’s compensation.
Both issues are scheduled to be put to a vote at Tesla’s annual general meeting.
The proposed compensation would put Musk far ahead of other CEOs. study According to an Associated Press survey, Broadcom’s Hock E. Tan was the highest-paid CEO of an S&P 500 company last year.
Related: How much does a CEO get paid? Compensation packages of the highest-paid chief executive officers
Tan’s compensation last year was worth about $162 million, including base salary, bonus and stock awards.
Apple CEO Tim Cook came in third with total compensation of $63 million, while Netflix CEO Theodore A. Sarandos came in fifth with about $50 million.
Musk also owns the former Twitter company X and heads SpaceX, Neuralink and the Boring Company.