June 10 (Reuters) – With major Tesla shareholders appearing divided over whether to endorse Elon Musk’s $56 billion pay package, the company also is looking for support from retail investors who make up an unusually high percentage of the electric carmaker’s ownership base.
Small investors tend to favor management, but they often don’t bother to vote, experts said.
The company’s June 13 annual meeting is shaping up as a referendum on Musk’s leadership, following a Delaware court’s ruling striking down the hefty pay package. The company has asked investors to vote to reaffirm it and Musk stands to control more than 20% of the company if he gets it. A ‘no’ vote would be a rebuke with unknown consequences.
Source: REUTER
