A group of Tesla shareholders is calling on fellow investors to vote against CEO Elon Musk’s $56 billion pay package, citing concerns over his distracting commitments to other companies and the automaker’s underperformance.
Bloomberg reports that in a letter addressed to shareholders on Monday, a coalition led by Amalgamated Bank and SOC Investment Group, along with six other signatories, argued that Musk’s involvement in five other companies he controls is detrimental to Tesla’s best interests. The group also urged shareholders to vote against the reelection of directors Kimbal Musk, Elon Musk’s brother, and James Murdoch.
