Tesla Urges Shareholders To Vote In Favor Of $1 Trillion CEO Compensation Package For Elon Musk

Tesla Inc. TSLA has urged shareholders to vote in favor of the recommendations laid down by the Board of Directors, including the new compensation package for CEO Elon Musk, ahead of November's annual shareholder meeting.

Tesla Urges Shareholders To Vote

In a post shared on the social media platform X on Monday, the company urged its shareholders and investors to vote in support of the Board. "Our next chapter will help create a world we've only begun to imagine & put the world on a path towards sustainable abundance for all," referring to the Master Plan IV released by the company, which focuses heavily on Robotics and AI.

"We are asking shareholders to vote with our Board's recommendations on *all* proposals," the company said and added guidance on how they can vote during the process.

$1 Billion Stock Purchase, Piper Sandler's Bullish Stance

The news comes as Musk recently bought over $1 billion worth of Tesla stock, which led to a surge in the share price, which was already picking up momentum due to reports that suggested that Tesla would surpass Q3 delivery expectations laid down by analysts.

Investment bank Piper Sandler also reiterated its bullish stance on Tesla, upgrading the company's price target to $500, a 16% upside from its current share price. The investment bank updated its price target following a visit to China, where it met with officials from major Chinese automakers, some of whom said that they look towards Tesla for guidance.

Robyn Denholm Hails Musk, Wartime CEO Mode

Meanwhile, Robyn Denholm, Chair of the Tesla Board of Directors, recently issued a statement to shareholders of the company calling Musk a "once-in-a-generation visionary" and reiterating her support for Musk's role as the CEO of the company.

Elsewhere, Wedbush Securities' Tesla Bull Dan Ives recently said that AI and Robotics presented a $1 trillion opportunity for Tesla, which was boosted by Musk being in his "Wartime CEO" mode, according to the investor.

Tesla scores well on Momentum and Growth metrics, while offering satisfactory Quality, but poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!

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