of its highly anticipated latest product. The chief executive spends a lot of time at other companies or generating controversy. How do you reward him? With a record-breaking $56bn pay deal, if Tesla gets its way at its annual meeting on Thursday.
Investors are being asked to endorse two proposals: Musk’s pay, and the relocation of Tesla’s incorporation from Delaware to Texas. Musk signalled he planned to do the latter after January’s ruling, which prompted him toTesla is likely to win approval for Musk’s remuneration, according to Dan Ives, an analyst at Wedbush and a veteran follower of the company, albeit “not by a wide margin”. Many shareholders in the company “understand the biggest asset of Tesla is Elon Musk,” Ives said.
Musk has received support from some deep-pocketed backers. “Without his relentless drive and uncompromising standards, there would be no Tesla,” the billionaire investor Ron Baroninside Tesla plants, claiming it is high time the company’s workers were handed their fair share of its profits.