Calpers to Vote Against Elon Musk Pay Package

By Stephen Nakrosis

The California Public Employees' Retirement System on Wednesday said it will again vote against a multibillion-dollar compensation package for Tesla founder and Chief Executive Elon Musk.

Tesla shareholders are expected to finish voting Thursday on the $46 billion package, which dates from 2018. Musk stands to accumulate stock options worth billions of dollars if the package is approved.

Marcie Frost, the chief executive of Calpers, said the planned compensation is excessive when compared to executives at peer companies and would be highly dilutive to shareholders.

Calpers also said the deal rewards short-term growth and not sustained profitability.

As of June 7, Calpers owned almost 9.2 million Tesla shares, the public pension fund said.

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(END) Dow Jones Newswires

06-12-24 1645ET