ISS is the second big shareholder advisory firm to oppose Elon Musk’s massive pay package from Tesla.
A second shareholder advisory firm has come out against reinstating a pay package for Tesla Inc. CEO Elon Musk that was voided this year by a Delaware judge. Institutional Shareholder Services, known as ISS , late Thursday joined Glass Lewis in recommending against the package, recently valued by the company at $44.9 billion but in January had a value of about $56 billion.
Coalition of Tesla shareholders asks investors to vote against Elon Musk’s compensation package “The grant, in many ways, failed to achieve the board’s other original objectives of focusing CEO Musk on the interests of Tesla shareholders, as opposed to other business endeavors, and aligning his financial interests more closely with those of Tesla stockholders,” ISS wrote.
Tesla to lay off nearly 2,700 Austin employees as it slashes global workforce by 10% Starting last year, Tesla has cut prices as much as $20,000 on some models. The price cuts caused used electric vehicle values to drop and clipped Tesla’s profit margins. In April, Tesla said that it was letting about 10% of its workers go, about 14,000 people. The job cuts are set to begin June 14, according to a notice the company filed with the Texas Workforce Commission.
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