Facing criticism that it is overly beholden to Elon Musk, Tesla’s board of directors said on Wednesday that it would essentially give him everything he wanted, including the biggest pay package in corporate history.
If setbacks in court and the car market have induced any soul searching among Tesla’s board, there was no sign of it in the latest announcement.
If anything, the board doubled down on backing Mr. Musk, Tesla’s chief executive, risking riling up activist investors and more litigation.
The board’s decision to ask shareholders to endorse a compensation plan for Mr. Musk that is worth about $47 billion came less than three months after a Delaware judge voided the same pay package.
In addition, Mr. Musk has not presented much of a plan to restore the company’s momentum.
Persons:
Elon Musk, Tesla, Musk
Locations:
Delaware