pokertournamentrules| Tesla is heartbroken for Musk: it is seeking retail investors to support $56 billion in pay

Tesla is seeking to attract its unusually large retail investor base to ensure that the company's CEO Elon Musk's $56 billion (40.45 million yuan) compensation package is approved by shareholders.

According to people familiar with the matter,PokertournamentrulesTo help lead this effort, Tesla's board of directors has hired a strategic consultant. To support this activity, the consultant is working with an external law firm.

The consultant also set up a dedicated Vote Tesla website to encourage retail investors to vote. It is estimated that retail investors own about 42 per cent of Tesla. Tesla urged shareholders to vote online through QR codes, phone calls and emails. In addition, the website also uploaded a video of Tesla's chairman of the board, Robyn Denholm. Denholm said supporting Musk's salary was crucial to Tesla's growth.

Tesla's annual shareholders' meeting will be held on June 13, when investors will vote on whether to maintain Mr Musk's 2018 pay package. According to the equity incentive plan approved by Tesla's board at that time, Musk can now receive compensation of up to $56 billion.

Three months ago, a Delaware judge rejected the plan, arguing that Tesla's directors did not take into account the best interests of investors. Last month, Tesla asked shareholders to re-vote on the compensation plan at the annual shareholders' meeting because the company had addressed some of the judge's concerns.

This vote is likely to have a major impact on Musk's future leader Tesla. Mr Musk has threatened to develop products outside Tesla if he does not acquire at least a 25 per cent stake in Tesla, a key part of the annulment package.

If the pay package is approved, Mr Musk will have plenty of options to almost double his current stake in Tesla to about 21 per cent. If shareholders do not vote, Mr Musk's access to a bigger stake becomes blurred.

On social platform X, Tesla fans have been expressing their support for Musk. But at least one large retail investor, Leo KoGuan, said he would not support the pay deal. He also publicly criticized the way Musk managed Tesla, saying it made the whole market uneasy.

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