One of Tesla’s largest individual shareholders has expressed opposition to CEO Elon Musk and his ownership in the company, as investors consider the CEO’s previously rejected 2018 compensation package. KoGuan criticized Musk, labeling him a “magician,” and referred to his supporters as “brainless suckers,” denouncing the proposed package as a “robbery attempt.” He also highlighted that although Musk has sold approximately $39 billion worth of Tesla shares since the stock reached its peak in 2021, he still maintains a 13.4-percent stake in the company, and is seeking an additional 10 percent. KoGuan questioned the fairness of Musk’s accumulation of shares and the proposed increase, emphasizing the support of those assisting what he perceives as a robbery attempt.
The voting on the package and other proposals commenced following the filing of the company’s proxy statement by Board Chair Robyn Denholm, who expressed disagreement with the decision of the Delaware Court. Denholm’s filing conveys the company’s stance on the matter, presenting it as a fundamental issue of fairness and respect for the CEO, and seeks the involvement of shareholders to address the situation. Tesla is set to hold its Annual Shareholder Meeting on June 13, where shareholders will have the opportunity to vote on the ratification of Musk’s 2018 pay plan.
The CEO’s desire for a 25% voting share at Tesla is explained as a means to effectively steward powerful technology. Have you voted on Tesla’s Shareholder Meeting proposals yet?