Musk braced for a crucial vote on a £44 billion pay deal as the tycoon’s future now hangs in the balance.
On edge: Elon Musk is already one of the richest men in the world
Elon Musk’s future as Tesla CEO is at stake as the electric car company’s shareholders vote on his £44 billion pay deal.
Tensions have increased after a Delaware court annulled his compensation package, ruling it was improperly set by the board.
But tonight, shareholders will decide whether to reinstate his salary, the highest in corporate American history.
Musk, one of the richest men in the world, has tried to drum up support after a wave of shareholders suggested they would revolt.
Influential proxy advisors Institutional Shareholder Services and Glass Lewis oppose the deal and the eighth largest shareholder, Norway’s sovereign wealth fund, does not support the package.
“We remain concerned about the overall magnitude of the award,” Norges Bank Investment Management said.
The pay deal, agreed six years ago, was tied to performance targets such as share price and profits and meant Musk was entitled to £44 billion.
Musk, who is worth an estimated £154 billion, does not receive a salary at Tesla.
A US judge rejected the package in January, but executives insist the reward was intended to keep Musk incentivized as he juggles owning several other companies, including X and satellite company Space .