Tesla Is Putting Elon Musk’s $47 Billion Pay Package up to a New Vote

is asking its shareholders to vote on the CEO’s $47 billion compensation plan at its annual meeting on June 13,back in January, in part because shareholders didn’t have all the necessary information when they voted to approve the plan back in 2018, she ruled. Now, though, with those details having come to light, Tesla is asking for a redo.

“We suggest simply subjecting the original 2018 package to a new shareholder vote, accompanied by expansive disclosure as to the process undertaken and the potential conflicts of interest that were considered at the time,” the company said in a special board committee report, according to theThe pay package—which would be the richest in U.S. corporate history, the publication noted—was originally approved by about 73 percent of non-Musk Tesla shareholders.

“Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and shareholder value,” Robyn Denholm, the chair of Tesla, said in a letter to shareholders cited by. “That strikes us—and the many stockholders from whom we already have heard—as fundamentally unfair, and inconsistent with the will of stockholders who voted for it.

Of course, the shareholders who brought the original suit will likely vote against the plan. And their lawyers could try to influence other stockholders to do the same, thenoted. Yet others may vote against Musk due to their displeasure with his public outbursts on X or because voiding the plan would save the company billions of dollars.Tori Latham is a digital staff writer at Robb Report.

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