Musk invites investors to tour factory in bid for pay package support | Global News

Elon Musk, the CEO of Tesla, is leaving no stone unturned in his efforts to secure support for his $56 billion pay package. In a bold move, the company is offering tours of its factory to 15 shareholders who will be voting on the controversial compensation plan.

The upcoming vote, scheduled to take place at Tesla’s annual meeting on June 13, is crucial for Musk as it is seen as a referendum on his leadership. Investors have expressed concerns that Musk’s attention is divided among his various ventures, and that his controversial statements are impacting Tesla’s reputation and sales.

In a bid to sway shareholders in his favor, Tesla is pulling out all the stops to rally support for Musk’s pay package. The company’s board has defended the compensation deal, stating that it is essential to ensure that Musk prioritizes Tesla over his other commitments.

The tour of Tesla’s production lines for Cybertrucks and Model Ys in Texas, scheduled for June 12, is being touted as a charm offensive aimed at retail investors. However, not everyone is convinced of its effectiveness. Nell Minow, vice chair of ValueEdge Advisors, expressed skepticism about the tour’s ability to sway votes.

Proxy advisory firm Glass Lewis has recommended that Tesla shareholders reject the pay package, citing Musk’s involvement in multiple time-consuming projects. Despite the opposition, Musk remains determined to secure the necessary support for his compensation deal.

As the world’s richest person, Musk’s influence extends beyond Tesla, with his involvement in SpaceX, Twitter, and AI company xAI. The outcome of the vote on his pay package will have far-reaching implications for both Musk and Tesla’s future.