Tesla and CEO Elon Musk are challenging institutional investors who oppose Musk’s controversial $58 billion compensation package from 2018.
Investors Business Daily reports that Tesla and its CEO Elon Musk are in a heated dispute with institutional investors regarding Musk’s 2018 compensation plan, currently valued at around $45 billion. The pay package has come under scrutiny after a Delaware court invalidated the plan earlier this year, labeling it excessive and unfair to Tesla shareholders.
Elon Musk’s Halloween costume (Taylor Hill /Getty)
Musk took to the social media platform X (formerly Twitter) to voice his frustrations, particularly targeting the California Public Employees’ Retirement System (CalPERS) for voting against the compensation package. “Shame on them, they have no honor,” Musk wrote, accusing the largest public pension fund in the U.S. of breaking the agreement. He also labeled shareholders who initially approved the package in 2018 but are now opposed as “oathbreakers.”
Tesla’s poor financial performance in the first quarter of 2024 is being interpreted as a sign of broader weakness in the electric vehicle market.
