Tesla Faces 'Mount Everest' Challenge in Shareholder Vote on Musk's $56 Billion Pay Deal

May 17, 2024, 07:11 PM

Tesla's top retail investor, Billionaire Leo Koguan, voted against restoring CEO Elon Musk's $50 billion compensation package. The compensation package, which was signed in 2018, offered Musk zero base compensation but up to $55 billion if he could increase Tesla's market value from $60 billion to $650 billion. The upcoming shareholder vote on Musk's $56 billion pay deal has been described as a 'Mount Everest' challenge by Tesla Chair Robyn Denholm. The debate over Musk's pay package has led to tensions, including the potential firing of a law firm over objections from corporate governance expert Charles Elson.