Elon Musk, one of the richest people in the world, may earn big money from Tesla in the coming days. Amidst legal hurdles, the electric vehicle manufacturing company has once again reached out to the shareholders to give a huge compensation package of $ 56 billion to its CEO Elon Musk.
The court has put an obstacle on the package.
There has been a long-running controversy over Elon Musk's compensation package in Tesla. Recently, a US court had ruled against Musk's proposed package and called it against the long-term interests of the company's investors. The Delaware court had also made strong comments on the directors of the company and declared them to be following Musk's orders.
Elon Musk has made this demand
Till a few months ago Elon Musk currently holds about 13 percent stake in Tesla, the world's largest electric vehicle company in terms of sales. Elon Musk has been demanding to increase his stake in Tesla. He has said on several occasions that if he does not get at least 25 percent stake in Tesla, then he would prefer to work on Artificial Intelligence and Robotics etc. instead of EV.
These are the challenges currently facing Tesla< /h3>
It has become very important for Tesla to find a solution to this dispute. Recently, China's electric vehicle company BYD has left it behind in terms of sales. Tesla has had to deal with protests from workers at the Gigafactory in Germany, which has affected manufacturing. These controversies are also affecting the company's performance in the stock market. This year alone, the price of Tesla's shares has fallen by 37 percent.
Musk's package is stuck since 2018
In such a situation, the efforts of Tesla's board are being counterproductive. Under the circumstances, Elon Musk should lead the company to his full potential. For this reason the board is ready to give a huge compensation package to Elon Musk. The company had prepared a package for this in 2018 itself, but it has not been approved yet. Now the company's board is trying to get that proposal approved by the shareholders.
The board said – Musk is most important for Tesla
Tesla Chairman Robin Denholm said about this A letter has been written addressed to the shareholders. Denholm criticizes the Delaware Court in the letter and calls Elon Musk the most important employee of Tesla. He says that due to controversies, Tesla's most important employee Elon Musk has not received any remuneration for his work for 6 years, whereas Musk has created great value for the company and the company's shareholders in these years. He has appealed to the shareholders to vote in favor of Musk's package. The annual general meeting of Tesla shareholders is going to start from June 13.
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