Tesla Group urges refusal of Musk's multibillion-dollar bonus package
Date
5/22/2024 8:37:33 AM
(MENAFN) A collective of Tesla shareholders, including New York City Controller Brad Lander, has issued a call to fellow investors, urging them to reject company Chairman Elon Musk's substantial bonus package. The group contends that such action would be in the best interest of Tesla as a whole. They have also called for the rejection of the re-election of certain members of the board of directors, including Musk's brother, and James Murdoch, a former executive at 21st Century Fox.
In a detailed letter addressing their concerns, the shareholder group highlighted Tesla's declining performance in comparison to industry competitors and the broader market. They attributed this downturn to a series of controversial projects and decisions made by Elon Musk, citing his involvement in ventures such as the acquisition of the social media platform Twitter in the past and X, a current undisclosed project. Additionally, the letter pointed to legal and personal issues surrounding Musk.
The group underscored the close association between Tesla's reputation and that of Elon Musk, noting that negative press coverage surrounding Musk has adversely affected the company's standing among customers, thereby impacting Tesla's financial results negatively.
Of particular concern to the shareholder group is Musk's proposed bonus package, which comprises a significant number of company shares. Originally valued at approximately USD56 billion, the package has since ballooned to around USD64 billion. The group emphasized their belief that ratifying such an exorbitant bonus package would not align with Tesla's long-term growth and stability objectives.
This collective stance by Tesla shareholders reflects a growing sentiment of dissatisfaction with Musk's leadership and raises questions about the company's direction under his guidance. As Tesla continues to navigate challenges both internally and externally, the decision regarding Musk's bonus package stands as a pivotal moment in shaping the company's future trajectory.
MENAFN22052024000045015682ID1108244554
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.