Tesla’s Major Shareholder Criticizes Elon Musk Over Pay Vote

One of Tesla’s largest individual shareholders has spoken out against CEO Elon Musk and his stake in the company. The shareholder, KoGuan, expressed disapproval of Musk’s proposed 2018 pay package and referred to Musk as a “magician,” criticizing his supporters as “brainless suckers” and labeling the proposed package as a “robbery attempt.” KoGuan highlighted Musk’s significant reduction in Tesla shares since the stock peak in 2021, totaling around $39 billion, yet he still holds a 13.4-percent stake in the company and aims to acquire an additional 10 percent. KoGuan accused Musk of attempting a robbery by seeking more control despite already possessing a substantial stake in Tesla.

The shareholder also criticized the company’s board and referred to them as lying flat and kowtowing to Musk’s demands, particularly in relation to Tesla’s AI knowledge and team. In response, Board Chair Robyn Denholm filed a proxy statement, expressing disagreement with a Delaware Court decision and inviting shareholders to vote on Musk’s 2018 pay plan, emphasizing the importance of fairness and respect to the CEO. Tesla’s Annual Shareholder Meeting is scheduled for June 13, during which shareholders can vote on various proposals, including ratifying Musk’s 2018 pay plan. This development comes amidst Musk’s public statement about his desire for a 25% voting share at Tesla, stating his intention to be an effective steward of powerful technology.

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