Tesla chair Robyn Denholm has warned that Musk may resign if his pay package is denied, stating that Musk has other projects where he can make a significant impact. Despite this, Wedbush Securities analyst Dan Ives believes Musk is "not going anywhere" but may step down as Tesla CEO if the vote fails. In other news, Musk announced that the Tesla Model Y will not receive an upgrade this year.
Key takeaways:
- Norwegian sovereign wealth fund Norges Bank Investment Management will vote against Elon Musk's CEO salary package at Tesla's annual meeting due to concerns about the size and structure of the package.
- Tesla chair Robyn Denholm has warned that Elon Musk may resign if shareholders reject his pay package, stating that Musk has other projects where he can make a significant impact.
- Elon Musk owns around 13% of Tesla, but his holding will not count toward the vote on his pay package, which must be a majority of Tesla shares not owned by Musk or his brother Kimbal.
- Elon Musk announced that the Tesla Model Y will not receive an upgrade this year, highlighting Tesla's ongoing improvements and the company's struggle to upgrade its older models due to high borrowing rates.