New Tesla Ad Campaign Aims to Sway Shareholders to Approve Musk's Massive Pay Package
Tesla layoffs and safety investigations are common stories these days, but that hasn’t changed the automaker’s CEO from believing he’s entitled to tens of billions in compensation. While the company resisted marketing for many years, it now appears to have embraced the practice, and one of its most recent campaigns aims to sway shareholders to approve Elon Musk’s $55 billion pay package.
Musk’s compensation package was previously rescinded after a judge ruled that Tesla’s board and the CEO didn’t follow proper processes and governance rules. The automaker wants shareholders to vote again while considering whether Tesla should move its state of incorporation to Texas.
The company started a website and has hounded investors about the votes. Now, the board has reported to the SEC that it is spending money on ads, including on Google and Musk’s X platform.
CEOs typically work at the board's pleasure, but at Tesla, the situation appears to be backward, or at the very least, sideways. Though it has rehired at least part of its Supercharger team following a mass layoff, pushing for a massive CEO pay package when several other parts of the business seem unstable is a bad look. Additionally, it appears that the board’s attention would be much better spent figuring out how to avoid future safety probes into the company’s driver assistance features, but that might make too much sense.
[Image: Shutterstock]
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Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.
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Honestly at this point Elon is more of a liability than an asset. How much does the board have to pay to just get rid of him?
He’ll get paid one way or another.
Gee, it's almost as if the whole thing was a fraudy, scammy farce. But that couldn't be true, right?
Tesla had many first mover advantages that the fool Musk and his hand picked BOD have squandered. Like Trump he began to believe his own hype about being a “super genius “ and above the rules. Remember the take private for $420 funding in place scam? He now is trying to increase his control to 25% or he will take his AI project elsewhere. Can you imagine any other CEO attempting this type of corporate extortion/conflict of interest? Quit harping about the Q1 profits; serious investors don’t care about the past, only the future. The company is in a downward spiral. ICYMI further evidence of Musk’s deteriorating mental state and poor judgement:
https://www.reuters.com/business/autos-transportation/inside-story-elon-musks-mass-firings-tesla-supercharger-staff-2024-05-15/
Based solely on the comments here, I purchased a little more TSLA yesterday.