Group of Tesla shareholders ask investors to vote against Musk's compensation package

FILE - Elon Musk, center, arrives for the 10th World Water Forum in Nusa Dua, Bali, Indonesia on Monday, May 20, 2024. A group of Tesla shareholders are asking investors to vote against a compensation package worth more than $40 billion for CEO Elon Musk, saying that it's not in the electric vehicle maker's best interest.

“Shareholders should not pretend that this award has any kind of incentivizing effect—it does not. What it does have is an excessiveness problem, which has been glaringly apparent from the start,” the group said. The group is also asking investors to vote against the reelection of board members Kimbal Musk, Elon's brother, and James Murdoch, a former executive at media company Twenty-First Century Fox.

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