Monday, June 17, 2024
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Elon Musk to quit Tesla? Company executive’s doomsday warning to shareholders: ‘He’s not a typical boss’

Elon Musk may step down as Tesla CEO, the company’s chairperson Robyn Denholm said ahead of Tesla shareholders meeting this week where they will vote on his $56 billion pay package. In a letter to Tesla shareholders, Robyn Denholm said, “Elon is not a typical executive, and Tesla is not a typical company…So, the typical way in which companies compensate key executives is not going to drive results for Tesla. Motivating someone like Elon requires something different. These votes are about fairness, respect and the future of Tesla.”

Elon Musk, CEO of SpaceX and Tesla and owner of X, formerly known as Twitter, gestures as he attends the Viva Technology conference on innovation and startups.(Reuters)

Robyn Denholm stressed that if shareholders reject the pay package, Elon Musk may step down and decamp to “other places” without proper motivation. She said, “Nor does he face any shortage of ideas and other places he can make an incredible difference in the world. We want those ideas, that energy and that time to be at Tesla, for the benefit of you, our owners. But that requires reciprocal respect.”

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Robyn Denholm insisted that remuneration is “obviously not about the money” because “We all know Elon is one of the wealthiest people on the planet, and he would remain so even if Tesla were to renege on the commitment we made in 2018.”

“If Tesla is to retain Elon’s attention and motivate him to continue to devote his time, energy, ambition and vision to deliver comparable results in the future, we must stand by our deal,” she continued.

This comes as it was earlier reported that Elon Musk may acquire a 25% interest in Tesla, which would give him more influence over the company to accomplish his objectives of creating AI and self-driving vehicles. Musk has also threatened to split off Tesla’s AI research into a different company if his demands are unsatisfied.

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