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

Some SJC residents want World Golf Village IMAX to remain open; others seek more options. Here are the survey results.Elon Musk

Tesla is struggling with falling global sales, slowing electric vehicle demand, an aging model lineup and a stock price that has tumbled 30% this year.The shareholder group, which includes New York City Comptroller Brad Lander, SOC Investment Group and Amalgamated Bank, said in a letter to shareholders that ratification of Musk's pay package would do nothing to promote Tesla's long-term growth and stability.

“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. “Given Tesla’s history of exponentially larger awards, Musk may well ask for another award,” the group said.

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