On tenterhooks: Elon Musk is already one of the world’s richest men
Elon Musk’s future as Tesla chief executive hangs in the balance as the electric car firm’s shareholders vote on his £44billion pay deal.
Tensions have grown after a Delaware court voided his compensation package – finding it had been inappropriately set by the board.
But tonight, shareholders decide on whether to reinstate his pay, the largest in US corporate history.
Musk, one of the world’s richest men, has been trying to rally support after a flurry of shareholders suggested they would revolt.
Influential proxy advisers, Institutional Shareholder Services and Glass Lewis, oppose the deal and eighth largest shareholder, Norway’s sovereign wealth fund, does not support the package.
‘We remain concerned about the total size of the award,’ Norges Bank Investment Management said.
The pay deal, set six years ago, was tied to performance targets, such as the share price and profits, and meant Musk was entitled to £44billion.
Musk, worth an estimated £154billion does not receive a salary at Tesla.
In January a US judge struck down the package but directors insist that the pay was aimed at keeping Musk incentivised as he juggles owning several other companies including X, and satellite firm Space X, amid fears he may walk away from Tesla.