Tesla has awarded its chief executive a “first step payment worth roughly $29 billion to replace a plan blocked by a Delaware judge..
The “interim” package announced on Monday was intended to help retain Elon Musk, whose previous pay plan was invalidated by a judge. The car maker’s chief has hinted that he needed a larger stake in the company.
Climate issues are fueling the cost-of-living crisis, especially for the poor and working class.
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.
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.
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 agreement, if ratified, will cover 1,600 workers making batteries for General Motors in Ohio. The union said it would be a model for efforts elsewhere.
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 election, fiercely opposed by the state’s political leaders, was seen as a test of the United Automobile Workers’ ability to unionize factories in the South.
Southern political leaders say a win for the United Automobile Workers would threaten their economies. Activists want to strike a blow against a system they say exploits the poor.