Elon Musk slams shareholder group that got rich from Tesla stock, but opposes $56 billion payday

Tesla CEO Elon Musk has criticized a shareholder group that opposes his $56 billion wage plan, but has increased its investments thanks to his leadership.

The California Public Employees’ Retirement System, also known as CalPERS, held 183,343 Tesla shares in 2018, according to filings. At the time of the 2018-2019 CalPERS Annual Investment Report, Tesla shares were trading at just $14.90.

However, the price of Tesla shares has increased exponentially since then – by more than 11 times. As a result, CalPERS’ stake in Tesla in this investment alone grew from $40 million to around $500 million, and they are still voting against Musk’s $56 billion pay package.

Musk responded to CalPERS not covering his salary:

“CalPERS broke the agreement. Shame on them, they have no honor.

CalPERS now owns 6,738,863 Tesla shares, worth approximately $1.7 billion.

Musk’s compensation is one of the most important issues on the agenda at Tesla’s upcoming shareholder meeting. Companies, shareholders, and investment groups all decide what they think is right, and many retail investors are determined to make the CEO pay.

This is mainly because the $56 billion salary package was approved by shareholders in 2018.

Earlier this year, the salary was denied and thrown out by a Delaware Chancery judge. The move also encouraged Tesla to leave the state of Delaware altogether, with the most likely move being to incorporate in Texas.

With the vote approaching, there are so many different views on this issue.

We reported this morning that the Glass Lewis company also plans to vote “no” on Musk’s salary plan. Other companies are more likely to keep Musk as CEO and leader of Tesla.

Many shareholders believe that since the salary package has already been approved once, it should be approved again.

To try to ensure that Musk receives his $56 billion, Tesla is doing everything possible to shake things up so that Musk gets paid to avoid his potential departure. The company has already used possible factory visits with him and chief designer Franz von Holzhausen, as well as other strategies, to convince shareholders to vote in favor of approval.

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