Major Investors Mount Offense Against Tesla CEO Elon Musk's $58 Billion Pay Package

Some institutional investors like CalPERS have rejected Elon Musk's $58 billion compensation package from Tesla and plan to vote against approving it. A proxy advisory firm, Glass Lewis, recommended shareholders vote against approving Musk's pay package, calling it "excessive". Another firm, ISS, also recommended voting no. A Delaware court had previously ruled against the 2018 pay package, deciding it was unfair to investors. Tesla is trying to gain support from retail investors who own 30% of shares to approve the package in a June 13 shareholder meeting. Tesla shares are down 30% year-to-date but have rebounded from lows