Elon Musk, the controversial chief executive of Tesla, is making headlines once again as he campaigns for approval of a $46.5 billion pay package from the company’s shareholders. Musk has taken to his social media platform, X, to rally support for the package, which was voided by a Delaware judge earlier this year.
In a series of posts on X, Musk has shared videos of Tesla vehicles in action, emphasized the importance of maintaining control over the company, and criticized shareholders who have opposed his pay. He has even offered a personal tour of Tesla’s factory in Austin, Texas, to select shareholders.
The stakes are high for Musk, who draws no salary from Tesla and relies on stock payouts to earn his compensation. The company’s board has publicly supported his campaign, citing his role in making Tesla the most valuable automaker in the world.
However, not all shareholders are on board with Musk’s pay package. Institutional investors like Nordea Asset Management and proxy advisory firm Glass Lewis have come out against it, citing concerns about diluting the stake of other shareholders and Musk’s already sizable ownership in the company.
Despite the opposition, Musk remains determined to secure approval for his pay package. The final decision will be announced at Tesla’s annual meeting on June 13, but legal experts warn that the outcome may still face challenges in court.
As the battle over his compensation continues, Musk’s use of X to advocate for his pay package highlights the growing influence of social media in corporate governance and shareholder activism. Whether Musk will succeed in his campaign remains to be seen, but one thing is certain – the drama surrounding Tesla and its enigmatic CEO shows no signs of slowing down.
