Elon Musk, CEO of Tesla, is facing a battle to persuade shareholders to reauthorize his controversial pay package for 2018. Despite claiming “We made a deal!”, Musk has rejected similar arguments in his business dealings with others in the past. A court in Delaware canceled the salary package valued at about $46 billion, prompting Tesla’s board of directors to seek a second vote by shareholders to avoid a legal battle.
Billionaire investor Ron Barron and others have defended Musk, claiming that he deserves the pay package for his contributions to Tesla’s success. However, some investors, including the influential advisory firm Institutional Shareholder Services, have recommended against the plan, citing excessive compensation.
Musk has faced criticism for his handling of business deals, such as his attempts to back out of a deal to acquire Twitter and disputes with former employees over severance payments. Legal battles over employee treatment and compensation have plagued Musk and his companies for years, with allegations of unfair practices and breaches of contracts.
Despite the controversies surrounding Musk’s business dealings, he continues to defend his actions and argue that agreements must be honored. The battle over his pay package is just the latest in a series of conflicts that have raised questions about Musk’s leadership and ethics in the business world.