"One of the United States' largest pension funds, the California Public Employees' Retirement System (Calpers), has stated that it will be voting against Elon Musk's 2025 Tesla CEO performance award. Musk's 2025 pay plan will be decided at Tesla's 2025 Annual Shareholder Meeting, which will be held on November 6 in Giga Texas. Company executives have stated that the upcoming vote will decide Tesla's fate in the years to come."
"In a statement shared with Bloomberg News, a Calpers spokesperson criticized the scale of Musk's proposed deal. Calpers currently holds about 5 million Tesla shares, giving its stance meaningful influence among institutional investors. "The CEO pay package proposed by Tesla is larger than pay packages for CEOs in comparable companies by many orders of magnitude. It would also further concentrate power in a single shareholder," the spokesperson stated. This is not the first time Calpers has opposed a major Musk pay deal."
Calpers announced it will vote against Elon Musk's 2025 Tesla CEO performance award, citing the proposed deal's scale and concentration of power in a single shareholder. Calpers holds about 5 million Tesla shares, giving its stance institutional influence. The fund previously opposed Musk's 2018 performance-based plan and criticized a $56 billion package. A Delaware court struck down the 2018 plan and Tesla is appealing. Musk's 2025 award would make him a trillionaire only if aggressive operational and financial targets are met, including growing market capitalization from about $1.1 trillion to $8.5 trillion. The shareholder vote is set for November 6, 2025, in Giga Texas.
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