The electric carmaker is the biggest loser in the S&P 500 this year, with shares plummeting 37 per centTesla is once again seeking shareholder approval for a $56 billion pay package for Elon Musk. Photograph: Haiyun Jiang/The New York Times
If at first you don’t succeed, try, try again. Tesla is asking shareholders to vote once more on a $56 billion pay package for Elon Musk, the same one a Delaware judge deemed “unfathomable” and struck down in January, citing concerns about fairness to shareholders. Tesla appears more concerned about fairness to Musk, saying it’s “fundamentally unfair” he hasn’t been paid for his work for the past six years. Yes, poor Elon.
Shareholders, too, should be miffed. Tesla is the biggest loser in the S&P 500 this year, with shares plummeting 37 per cent. Musk, distracted by commitments to multiple other companies and seemingly addicted to scrapping on Twitter/X, hasn’t helped. He may yet get his multibillion-dollar payday, but shareholders should express their frustrations and hold Tesla accountable on pay.
Our weekly personal finance newsletter will give you the insight you need to save money and make smart spending decisions