Tesla is pulling out all the stops to get Elon Musk’s $56 billion pay package approved, hiring outside personnel and even readying Board members for a “tour” of sorts that will entice shareholders to vote in one direction.
After Musk’s pay package was denied by a Delaware judge earlier this year, Tesla is taking no chances at getting its CEO rewarded for his influence on the company. While some shareholders are still not convinced Musk should receive the massive payout, it seems many of his biggest supporters and Tesla’s biggest fans will stop at nothing to get him paid.
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The company also believes this is so. According to several new reports, Tesla is making any and all attempts to get Musk his $56 billion, which was earned through a series of tranches for company and shareholder growth. The pay package was previously approved by shareholders, but a single investor who held a relatively small amount of shares took Musk and Tesla to court…and won.
With Tesla’s Shareholder Meeting coming closer and closer with every passing day, Tesla is pulling out all the stops.
According to Bloomberg, Tesla has already hired a strategic adviser to help “bolster the campaign.” One of their earliest modes of attack was to set up an investor website to encourage shareholders to vote on the several issues at hand.
Retail investors own 42 percent of the automaker’s stock, according to the report. The fight for Musk’s massive payday could be won, or even lost, right here.
The implications and consequences of Musk not getting his payout could be potentially huge for Tesla. Musk has already said at one time that he wants a 25 percent equity stake in Tesla, and if he does not get it, he would consider building AI technology somewhere else.
To ensure this does not happen, Tesla is going a step further than building a website dedicated to wooing retail shareholders to support the payout.
The Wall Street Journal reported today that Tesla will “crisscross” the globe to harbor even more support from shareholders.
It is evident that Tesla knows this could be one of the largest votes in its history, especially if Musk is prepared to step down as CEO and establish other projects.
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