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Tesla Stock Drops Before Shareholder Meeting As Major Investor Plans Vote Against Musk Pay Plan
Tesla shareholders will decide on a $1 trillion stock option package aimed at increasing Elon Musk's control amid concerns over size and dilution, with a 93% chance of approval.
- On November 6th, Tesla shareholders will vote at the annual meeting on a $1 trillion compensation package for Elon Musk, which is highly controversial among investors.
- Musk says the package aims to increase his stake and control as Tesla develops AI technology, and he has threatened to quit if he does not receive it.
- Among shareholders, Norges Bank and CalPERS oppose, while Ron Baron and Baron Capital Management support Musk, holding approximately 0.4% and over 1% respectively.
- Prediction market Polymarket currently puts the odds of the package passing at 93% with $66,000 in trading volume, but proxy firms oppose it and a strong 90% retail yes turnout appears pivotal.
- Critics warn the outcome could grant Musk more options than all Tesla employees combined and cement his control over the company after the November 6th vote.
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14 Articles
Tensions are mounting heading into Thursday's vote on Elon Musk's new mega-bonus in shares. The eccentric and highly successful Tesla boss has reportedly threatened to resign if the proposals are rejected, but the Norwegian sovereign wealth fund is certainly not happy about the awarding of the massive bonus.
·Amsterdam, Netherlands
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Norway's state pension fund said on Tuesday it plans to vote against Tesla CEO Elon Musk's compensation package, which could be worth a record trillion dollars, Reuters reports.
·Estonia
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Coverage Details
Total News Sources14
Leaning Left1Leaning Right3Center5Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
11%
C 56%
R 33%
Factuality
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