paying him a salary bonus in the amount of 46 billion

• There are 13 days left before Tesla shareholders vote on whether to pay Elon Musk a $46 billion bonus.

• Meanwhile, supporters and opponents wage a civil war to convince the largest number of shareholders.

Days before Tesla’s shareholder meeting, its investors are witnessing a fierce battle of interests. Tesla’s board of directors needs to gain support so that the company can pay Elon Musk a prorated portion of the $55 billion that the court has denied. Many shareholders categorically refuse.

The court decision that started it all. In January 2024, a Delaware judge ruled in favor of a group of Tesla shareholders, blocking Elon Musk’s $55 billion pay bonus approved by his board of directors. The blocking of these shares hit Elon Musk’s treasury hard. This bonus was the only salary income he was going to receive from Tesla since he has a token salary of one dollar.

Elon Musk did not sit idly by. Faced with such an attack on his interests, Elon Musk did not sit idly by all these months. Tesla’s CEO used the company’s poor sales results to demonstrate his strong leadership position, reaffirming his commitment to running the company just as many accused him of knowing more about SpaceX than the company he led. .

Tesla’s offensive to gather support. The court’s January ruling called into question the impartiality of the board, which is made up of people close to Elon Musk, including his brother Kimbal Musk and his personal friend James Murdoch. Instead of keeping up appearances, the same board of directors is now openly demanding a vote on a new $46 billion pay bonus for the millionaire Tesla CEO, as well as moving taxes to Texas. Tesla Chairman Robin Denholm asked her shareholders to vote favorably on the board’s proposals.

In an unprecedented campaign, Tesla hired advertising to back its CEO’s million-dollar pay package and even launched a website where shareholders can vote in favor. For their part, Elon Musk’s followers are distributing videos and guides via social media (mostly on X, of course) to show small Tesla shareholders how they should vote in favor of Musk’s interests.

Ill-wishers also use their weapons. On the other hand, some of the largest corporate and individual investors have already demonstrated their opposition to the board’s proposals. During the struggle, a group of these investors sent a letter to the remaining shareholders asking them to vote against the board of directors.

Electrek It has been published that Leo Coguan, a recognized fan of Elon Musk and the main minority shareholder of Tesla, has already expressed his refusal to pay a million-dollar bonus to the company’s CEO. On the corporate side, the California Public Employees’ Retirement System (CalPERS) fund and consulting firm Glass Lewis have publicly said their vote will be negative. This made them the target of Musk’s ire on Twitter, who attacked them, launching a defamation campaign in X against some and harsh criticism against others. There are still 13 days left before the vote, the blood may still reach the river.

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Image | Davids (Trevor Coakley)