Lawyers for Tesla have asked a Delaware judge to reverse her decision to void a multibillion-dollar pay package for Mr. Musk after shareholders approved it a second time in June.
Investors voted overwhelmingly to reinstate the C.E.O.’s multibillion-dollar compensation package, inextricably tying the car maker’s future to the tech billionaire.
About 72 percent of the shares in the balloting affirmed the lucrative stock award to the chief executive in a bid to get a court to reinstate it.
The vote was seen as a referendum on his management of the electric car maker and on the limits of executive pay.
A huge run-up in the stock’s value followed a 2018 vote on Elon Musk’s compensation package. But investors have recently become less enamored.
The vote is seen as a referendum on the limits of executive pay and the accountability of Silicon Valley billionaires.
Tesla shareholders must reject the chief executive’s unorthodox pay package to help turn him back into the visionary we need to fight climate change.
The Tesla chief executive is taking to his social media company to press shareholders to vote for a critical pay package on June 13.
The company’s directors are asking shareholders to again approve the multibillion-dollar compensation plan and to move the company’s registration to Texas, from Delaware.
The electric vehicle maker will ask shareholders to vote again on a multibillion-dollar compensation package that was voided by a judge in January.