Elon Musk's $2.6 bn pay package 'cheered by big Tesla shareholders'
8 March 2018 11:19 PM IST
Palo Alto: Two of Tesla's largest shareholders are supporting a plan to award Elon Musk a compensation package valued at $2.6 billion, a show of confidence in the electric-car maker's bid to keep its visionary CEO around for the long haul.
Baillie Gifford & Co. and T. Rowe Price Group, which combined own about 14 percent of Tesla stock, indicated that they'll vote in favor of the board's proposal at a March 21 special meeting. The unprecedented pay package has been criticized as too costly by proxy adviser Glass Lewis & Co., which has recommended that investors reject the plan. While it would likely have slim chances of getting passed elsewhere, Tesla isn't a typical company, and Musk isn't a conventional chief executive officer.
Musk, 46, owns about 20 per cent of Tesla.
Next Story
