Tesla shareholder group targets ‘distracted’ Elon Musk, slams $56 billion pay
- by Auto News India
- May 21, 2024
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21 May 2024, 13:55 PM
Share via: Also Read : What's eating EV grapes? As sales sprint jogs down, brands do a rethink
The group of Tesla shareholders which has targted Musk is clearly not too pleased with him at present. ““Tesla is suffering from a material governance failure which requires our urgent attention and action," the group wrote in a letter, as per Bloomberg. "Even as Tesla’s performance is floundering, the board has yet to ensure that Tesla has a full-time CEO who is adequately focused on the long-term sustainable success of our company." The group is also asking other shareholders to move against the decision to re-elect Tesla directors Kimbal Musk - Elon's brother, and James Murdoch.
Tesla in trouble but money matters
Musk is believed to be worth approximately $194.9 billion, as per Forbes, and is currently third on the list of the most wealthiest persons on the planet. Only Bernard Arnault and Jeff Bezos are ahead of him at present.
But Musk's fortunes are gradually receiving some very severe criticism as Tesla has been going out and about cutting jobs. Musk has said he plans to cut around 10 per cent of overall Tesla jobs the world over and the layoffs are expected to continue till June. The decision is stemming from the fact that sales growth isn't taking the upward direction for EV makers that was previously predicted.
But for the Tesla CEO though, personal fortunes remain solid. His pay package was initially approved in 2018 but the Tesla board is putting this to vote for a second time now.
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