Elon Musk: Tesla shareholders urged to stop chief executive's 'excessive' £56bn payday

Tesla shareholders have been urged to vote against plans to pay its chief executive Elon Musk up to $56bn . However, proxy advisory firm Institutional Shareholder Services has warned the amount is 'excessive' and said it would not help Musk to 'focus' more on the company. It comes following concerns that the controversial billionaire has become distracted from running Tesla by his other business interests, including SpaceX and X, formerly Twitter.

The advisers said the amount 'failed to achieve the board's other original objectives of focusing CEO Musk on the interests of Tesla shareholders, as opposed to other business endeavours, and aligning his financial interests more closely with those of Tesla stockholders'. ISS said there were also other concerns including 'a lack of clarity on the board's plan' for Musk's future pay.

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