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A coalition of Tesla shareholders, including the SOC Investment Group and several state officials, is urging investors to reject CEO Elon Musk’s proposed $1 trillion compensation plan. According to a regulatory filing released Thursday, the group—which includes the state treasurers of Nevada, New Mexico, and Connecticut—has also called on shareholders to vote against the re-election of directors Ira Ehrenpreis, Joe Gebbia, and Kathleen Wilson-Thompson at Tesla’s upcoming November meeting.
In their letter to shareholders, the coalition criticized Tesla’s board for its “relentless pursuit” of retaining Musk, arguing that this has delayed progress on key goals set at the previous annual meeting. They also highlighted concerns over Tesla’s declining operational and financial performance and what they described as a “failure to provide meaningful real-time oversight of management.”
Among the prominent voices opposing the package is New York City Comptroller Brad Lander, a long-time critic of Tesla’s governance practices. While New York City’s pension funds are not among Tesla’s largest shareholders, Lander has been active in reform campaigns aimed at increasing accountability at major corporations. His term as Comptroller runs until January 1, 2026.
The opposition comes as Tesla reported record quarterly vehicle deliveries, though concerns loom that the expiration of the U.S. EV tax credit could weaken demand. Critics argue that Musk’s proposed pay package—the largest corporate compensation plan in history—sets overly ambitious performance targets while consolidating Musk’s influence at the company.
Tesla, however, defended the plan in a post on X (formerly Twitter), stating that Musk’s compensation is fully tied to performance and shareholder value creation. “If Elon Musk doesn’t deliver results, he receives nothing,” the company said.
The debate underscores growing investor scrutiny of Tesla’s governance structure, executive pay practices, and the balance between rewarding innovation and ensuring accountability. With billions at stake, the November shareholder vote is expected to be a pivotal moment for Tesla’s future direction.
