Despite Tesla reporting record quarterly deliveries, the automaker faces uncertainty with the US EV tax credit set to expire, potentially slowing demand.A coalition of Tesla shareholders, including SOC Investment Group and state officials from Nevada, New Mexico, and Connecticut, has called on investors to oppose CEO Elon Musk’s proposed $1 trillion compensation plan at the company’s November annual meeting, according to a regulatory filing.
As per Reuters, the group also recommended voting against the re-election of directors Ira Ehrenpreis, Joe Gebbia, and Kathleen Wilson-Thompson, citing the board’s “relentless pursuit” of retaining Musk, delays in achieving key goals, and declining operational and financial oversight.
Despite Tesla reporting record quarterly deliveries, the automaker faces uncertainty with the US EV tax credit set to expire, potentially slowing demand. The proposed pay package, described by Tesla as the largest corporate compensation plan in history, ties Musk’s rewards to ambitious performance targets and aims to reinforce his leadership control.
New York City Comptroller Brad Lander, a long-time critic of Tesla’s board oversight, is among the state officials opposing the plan. While the city’s pension funds are not major Tesla shareholders, Lander has actively participated in campaigns targeting corporate governance reforms. His term ends on January 1, 2026.
Tesla responded on X, stating the plan aligns Musk’s compensation with shareholder value creation “of trillions of dollars” and emphasizing that Musk will receive nothing if performance targets are not met.
