New Tesla Ad Campaign Aims to Sway Shareholders to Approve Musk's Massive Pay Package

Chris Teague
by Chris Teague

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Musk’s compensation package was previously rescinded after a judge ruled that Tesla’s board and the CEO didn’t follow proper processes and governance rules.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 Teague
Chris Teague

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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7 of 41 comments
  • The Oracle The Oracle on May 14, 2024

    He’ll get paid one way or another.

    • Jeff Jeff on May 14, 2024

      Agree Musk will get paid. I am glad I am not a stockholder.

  • Mike Beranek Mike Beranek on May 15, 2024

    Gee, it's almost as if the whole thing was a fraudy, scammy farce. But that couldn't be true, right?

    • See 1 previous
    • Mike Beranek Mike Beranek on May 15, 2024

      "If you want to see fraud at Tesla, just look at the "Full" Self Driving scam." Um, yeah, that's what I was talking about.

  • ToolGuy ToolGuy on May 16, 2024

    Based solely on the comments here, I purchased a little more TSLA yesterday.

  • Barra’s total compensation is .048214% of what the musktard wants… that’s the actual number… .048214%… why on earth would anyone pay the musktard thousands of times more to dive bomb Tesla into the ground?