On June 13, the Tesla shareholders’ meeting will vote on the maxi-emolument: some shareholders will oppose it, including the Norwegian sovereign fund Norges. In the background the risk of the manager saying goodbye to his flagship company
Musk is fighting for his salary. But as the richest person on Earth, it’s easy to understand that it’s not really an effort to bring home the loaf of bread every month. Also because the loaf in question is from 56 billion dollars, a value that is positioned – if evaluated in terms of a country’s GDP – around 82nd place among the richest states. Taking the position away from Azerbaijan, a nation inhabited by more than 10 million people. Except that here there is only one person, and with the emolument requested as CEO of Tesla he would not only confirm his personal economic primacy, but would become by far the highest paid manager in history. But not everyone agrees with this monstrous pay, coming – in case it is confirmed during the shareholders’ meeting on June 13th – after a difficult period for the electric car brand which had in fact announced the cutting of more than 10% of jobs. Having resolved, or almost, the problem linked to the objection by the judge of Delaware – Tesla’s now disputed registered office -, some of the shareholders who are part of the Tesla board are now standing between Musk and the 56 billion. The American fund Calvert, whose position has been known for some time. And in particular the Norges Bank Investment Managementa Norwegian sovereign wealth fund that holds 0.98% of Tesla worth $7.72 billion, which disputes the “total size of the prize” and says it is “concerned about the ways in which the performance structure is arrived at ».
According to rumours, a rejection at the meeting – even if only consultative – could “embarrass” Musk, so much so as to lead him to bid farewell to his flagship company. Confirmation would come from the letter that Tesla president Robyn Denholm sent to shareholders in recent days. Where it was explained that the massive payment – made up of a title assignment plan that extends over a decade – serves «a keep Elon’s attention and motivate him to focus on achieving amazing growth for our company.” Musk’s remuneration agreement was drawn up in 2018, but as mentioned, Delaware court judges effectively annulled it earlier this year. The controversy over Elon Musk’s salary comes at a delicate moment for Tesla: having said the cuts, we are talking about the wait for the project – perhaps postponed – of a low-cost vehicle and the development of autonomous driving technology. The Autopilot software that has often taken Tesla to court following accidents involving the group’s cars.
June 9, 2024 (changed June 9, 2024 | 10:15)
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