A group of Tesla (TSLA) shareholders are trying to encourage others to vote against Elon Musk’s $56 billion pay package, saying Musk is distracted by the other companies he is running. The group wrote to shareholders, "Tesla is suffering from a material governance failure which requires our urgent attention and action." Brad Lander, one of the letter’s signatories and New York City Comptroller, joins Market Domination to discuss the move.
Lander calls Musk’s pay package "stratospheric" but explains that the bigger problem is the lack of independent board governance. The comptroller adds that shareholders did not have a meaningfully independent say on pay and that Tesla is "acting like a family-owned business."
"I’d like to see a Tesla CEO who is focused on Tesla, and that’s not what we have," Lander says, detailing Musk’s distractions, from SpaceX to X. He emphasizes that the CEO’s focus should be expanding electric vehicles and making money for shareholders.
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