Tesla investors try to slam the brakes on Musk’s record £44bn payday

A group of Tesla investors are urging shareholders to reject a record £44billion pay package for chief executive Elon Musk.

Shareholders in the electric car maker are due to vote on June 13 on what would be the biggest corporate pay day in history.

But a coalition which includes New York City finance chief Brad Lander, SOC Investment Group and Amalgamated Bank said in a letter to investors that ratification of Musk’s pay package at the AGM would do nothing to promote Tesla’s long-term growth and stability. 

‘Shareholders should not pretend that this award has any kind of incentivising effect – it does not,’ the group said.

The letter also criticised Musk as a part-time chief executive, with his time increasingly being spent on other business commitments, and warned that if shareholders ratify the huge pay package it is possible that Musk will push for even more next year.