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Tesla Prepares for Thursday Shareholder Vote on Musk's $56 Billion Pay Package; CalSTRS Opposes

Jun 10, 2024, 03:29 PM

Tesla is preparing for a crucial shareholder vote this Thursday on CEO Elon Musk's $56 billion pay package. Bernstein analysts believe the pay package is unlikely to pass, with around 25% of eligible voting shares held by passive investors who are expected to vote 'no'. The California State Teachers Retirement System (CalSTRS) has also announced its intention to vote against the pay deal. Shares in Tesla were marginally lower in premarket trading on Monday amid concerns that the rejection of the pay package could pressure the company's stock and potentially lead to Musk's departure from the electric vehicle maker.