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Musk offers Tesla factory tours to 15 shareholders who vote on his pay plan
The Straits Times
|May 30, 2024
Billionaire Elon Musk is offering tours of Tesla's factory in June to 15 shareholders who vote on his US$56 billion (S$75.5 billion) pay package, the latest effort by the electric vehicle maker to rally votes for the compensation after a court struck it down.
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 The upcoming vote, whose result will be announced at the company's annual meeting on June 13, is seen as a referendum on Mr Musk's leadership as investors worry that he is distracted by his other ventures and that his often controversial comments are weighing on the reputation and sales of Tesla.
The company is making an unusual and public effort to rally support for Mr Musk's pay. Its board has justified the pay deal by saying it is necessary to make sure Mr Musk prioritises Tesla over his other commitments.
Tesla has asked shareholders to reaffirm their approval of the record-breaking compensation that was set in 2018 but was rejected by a judge who found the package was negotiated by directors who appeared beholden to Mr Musk.
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