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California pension fund to oppose Elon Musk’s ‘ridiculous’ Tesla $56B payday

The California State Teachers’ Retirement System plans to vote against Tesla CEO Elon Musk’s $56 billion compensation package, the pension fund’s chief investment officer said. He told CNBC on monday.

“We’re paying him 140 times what the average worker makes. How’s that? I think that’s fair enough. This pay structure is ridiculous,” Chris Eilman said on “Squawk on the Streets.”


Following the California State Teachers’ Retirement System decision, Norway’s $1.7 trillion sovereign wealth fund announced it would vote against Elon Musk’s compensation package. California Teachers Association

Elon Musk
The shareholder vote on Thursday came after a Delaware judge invalidated Musk’s compensation earlier this year. Reuters

Norway’s $1.7 trillion sovereign wealth fund said Saturday it would vote against approving Musk’s compensation package, which is due to go to a shareholder vote on Thursday after a Delaware court ruled it invalid earlier this year.

CalSTRS did not immediately respond to a Reuters request for comment.

Tesla is also proposing to reincorporate in Texas instead of Delaware and to re-elect two directors, including Musk’s brother, Kimbal.

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