Tesla shareholders advised to reject Musk's $56 billion pay
) shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America.
The pay package was proposed by Tesla's board of directors, which has repeatedly come under fire for its close ties with the billionaire. The package has no salary or cash bonus and sets rewards based on Tesla's market value rising to as much as $650 billion over the 10 years from 2018. The company is currently valued at about $571.6 billion, according to LSEG data.) of Delaware's Court of Chancery voided the original pay package.
Musk became Tesla CEO in 2008. In recent years, he has helped improve results, taking the company to a $15 billion profit from a $2.2 billion loss in 2018 and seven times more vehicles have been produced, according to an online campaign website, Vote Tesla.
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