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In a significant development at Tesla, billionaire Elon Musk may consider leaving the electric car maker if shareholders reject his proposed $56 billion pay package. This warning was issued by Tesla’s board chair, Robyn Denholm, who emphasized the unique nature of motivating someone like Musk.
The decision regarding Musk’s compensation package is scheduled to be made by shareholders on June 13, marking the second time they will vote on this matter. The initial approval earlier this year was deemed invalid by a Delaware court due to flaws in the process.
Denholm’s letter to shareholders, filed with the Securities and Exchange Commission, highlighted the unconventional approach required to motivate Musk, given his innovative and ambitious nature. She stressed that Tesla’s success hinges on retaining Musk’s focus and energy within the company.
The concern about Musk’s attention being divided among various ventures, including SpaceX and AI-related projects, has been a point of discussion among investors. Denholm’s letter underscored the importance of upholding the 2018 deal, which aimed to keep Musk committed to Tesla’s goals.
Despite the significant financial implications of the proposed compensation package, Denholm emphasized that the vote is not solely about money. It is about ensuring Tesla retains Musk’s dedication and drive to achieve the company’s ambitious objectives, particularly in areas like artificial intelligence and self-driving technology.
Musk’s recent moves, including his desire to acquire a 25% stake in Tesla and potential plans to split off AI research into a separate entity, indicate his strong vision for the company’s future. Additionally, the proposal to relocate Tesla’s base to Texas has also been a topic of discussion, reflecting Musk’s strategic decisions for the company’s operations.
Sources By Agencies
