CalPERS voting against Elon Musk’s $1T pay plan amid ’power concentration’ concern By Investing.com
Update: 2025-10-30
Description
**Summary:**The California Public Employees' Retirement System (CalPERS) has announced its opposition to Tesla CEO Elon Musk's proposed compensation package, which could be worth up to one trillion dollars. This move adds to the controversy surrounding the package, which is considered one of the most generous in corporate history. CalPERS, the largest public pension fund in the U.S., owns over five million Tesla shares and argues that the package is too large and could give Musk excessive power. The proposed pay plan is tied to Tesla hitting ambitious goals over the next decade, including increasing its market value to $8.5 trillion and selling 20 million cars. Major proxy advisers and critics are also urging investors to vote against the package due to concerns about its size, potential share dilution, and board independence. The upcoming vote on November 6th is expected to have significant implications for Tesla's future.
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