Tesla said Elon Musk's record $56 billion pay package isn't excessive, adding that a new compensation plan would be costlier.
Elon Musk arrives at an event in Los Angeles, April 13, 2024. A second shareholder advisory firm late Thursday, May 30, 2024, has come out against reinstating a pay package for Tesla CEO Elon Musk that was voided earlier this …Tesla said Elon Musk’s record $56 billion pay package isn’t excessive, adding that a new compensation plan would be costlier.
The car giant said ISS, which urged shareholders to reject the pay plan, misunderstood the package. According to Tesla, if shareholders reject the $56 billion deal at the June 13 shareholder meeting, any new pay package with similar options would cost more. Finally, Tesla argued that the 2018 pay package incentivized Mr. Musk to create “tremendous value” for shareholders. The pay plan rules required Tesla to hit certain benchmarks before the CEO could cash out.
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