Tesla Chair Says Company Ready With Internal Successor If Musk Pay Plan Fails

Benzinga

Tesla Chair Robyn Denholm said the company is ready to appoint an internal successor if Elon Musk’s $1 trillion pay package is rejected and he steps down. The board is lobbying investors ahead of the November 6th vote as proxy firms urge opposition. The package could give Musk up to a 25% stake tied to performance milestones.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Tesla chair Robin Denholm said the company is prepared to name an internal successor

00:06if shareholders reject Elon Musk's $1 trillion pay package and he steps down, according to Bloomberg.

00:12Denholm said she spoke with Musk directly and warned that if the proposal fails,

00:15there's a high probability he would disengage or redirect his focus to vendors like SpaceX or XAI.

00:21Tesla's board has launched an extensive campaign to rally shareholders' support out of the November 6th vote,

00:26engaging institutional investors and retail owners who make up about 30% of the base.

00:31Proxy firms ISS and Glass-Lewis have advised voting against the plan.

00:35Package will give Musk up to a 25% stake if he meets growth milestones across Tesla's car, robotics, and AI units.

00:41For all things money, visit Benzinga.com.

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