Elon Musk: Backlash for Musk.. Huge cut in salary..! | Telugu News

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Tesla Shareholders Have Suggested Rejecting Musk's 56 Billion Payout

Elon Musk: The world's leader.. The Tesla board directors gave a shock to Elon Musk, the CEO of the Tesla manufacturing company. Proxy advisory firm Glass Lewis said that he was asked not to give a huge salary package of 55 billion dollars (Rs. 4.5 lakh crore). Glass Lewis, a proxy advisory firm, plays a vital role in assisting shareholders in the operations of corporate companies. Tesla currently works on behalf of shareholders.

Musk increased the value of Tesla.

Elon Musk with his extraordinary talent has increased the market value of Tesla exceptionally in 10 years. The board directors praised him for increasing the market value to 650 billion dollars for the first time in 2018. Moreover, Tesla's board approved a huge salary package of 55 billion dollars (about Rs. 4.5 lakh crore) per year to the directors. Salary provided.

Not so painful..

Against the huge salary, Tesla CEO Musk, Richard Tornetta, one of Tesla's shareholders, has approached the Delaware court against the company's director. The petition stated that giving such salary is a waste of corporate assets. The case is currently under investigation. Recently, share holders have sent proposals to Glass Lewis against giving such a huge package to Musk. It is to be seen what kind of consequences will take place in Tesla with the latest decision of the shareholders.

Musk is ineligible..

Previously, the Delaware court heard the petition of Tesla shareholder Richer Tornetta. Delaware court judge Kathleen McCormick has ruled that Elon Musk is ineligible to receive the massive pay package decided by Tesla's board of directors. However, the lawyer on behalf of the Tesla directors explained to the court that the world's most talented entrepreneur paid that amount with the intention of devoting his valuable time to the company. The case is currently under investigation.

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