Tesla layoffs and safety investigations are common stories these days, but that hasn’t changed the automaker’s CEO from believing he’s entitled to tens of billions in compensation. While the company resisted marketing for many years, it now appears to have embraced the practice, and one of its most recent campaigns aims to sway shareholders to approve Elon Musk’s $55 billion pay package.
Musk’s compensation package was previously rescinded after a judge ruled that Tesla’s board and the CEO didn’t follow proper processes and governance rules. The automaker wants shareholders to vote again while considering whether Tesla should move its state of incorporation to Texas.
The company started a website and has hounded investors about the votes. Now, the board has reported to the SEC that it is spending money on ads, including on Google and Musk’s X platform.
CEOs typically work at the board’s pleasure, but at Tesla, the situation appears to be backward, or at the very least, sideways. Though it has rehired at least part of its Supercharger team following a mass layoff, pushing for a massive CEO pay package when several other parts of the business seem unstable is a bad look. Additionally, it appears that the board’s attention would be much better spent figuring out how to avoid future safety probes into the company’s driver assistance features, but that might make too much sense.
[Image: Shutterstock]
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