Submission + - 'Tesla Is Not A Family Business': New York Official Blasts Musk's Pay Package (insideevs.com)
theweatherelectric writes: The drama at Tesla appears to be unending. Following a disappointing first quarter of sales, mass layoffs, a major safety recall of the Cybertruck and concerns over the company's apparent pivot to robotaxis, another big flashpoint has been lingering for the Austin-headquartered company: CEO Elon Musk's $56 billion payday. In January, the Delaware Court of Chancery revoked a pay package for Musk originally approved in 2018. “The approval of Musk’s compensation plan was deeply flawed,” the post-trial opinion read. Tesla's board is now requesting investors to vote again in favor of Musk at the annual general meeting on June 13, along with several other proposals. The coalition opposing Musk's pay package includes the Comptroller of the City of New York, several NYC pension funds, and seven investment firms. New York City's Comptroller Brad Lander, an independently elected official who oversees the city's public pension funds and their investments in companies including Tesla, wrote an official letter urging his peers to vote against Musk's pay package.