Tesla Rewards Elon Musk’s Reality-Distortion Field
At Tesla’s annual shareholder meeting Thursday, the headline was Elon Musk’s nearly $1 trillion pay package—an outcome widely expected due to his popularity among retail investors and his control over a large share of votes.
However, a more revealing moment occurred when shareholders, many dressed in Tesla-branded apparel and enjoying the company's lo-fi background music, rejected a proposal from New York State Comptroller Thomas DiNapoli. The proposal aimed to repeal a new bylaw that severely limits ordinary shareholders from suing the company.
Tesla’s board has consistently recommended voting against such accountability measures, which is reflected in shareholders' choices. Proposals to curb Tesla’s most problematic practices—like preventing child labor in its supply chain or incorporating sustainability into executive compensation—have repeatedly been dismissed by investors siding with Musk and the board.
"Shareholders joyfully vote to dilute their own holdings to the benefit of Musk’s power grab."
"Time and time again, shareholders side with the company’s board — or more accurately, with Musk — and reject [accountability measures]."
Such shareholder behavior raises questions about the real meaning of "sustainable abundance" in Tesla’s corporate governance.
Author's summary: Tesla shareholders continue to support Elon Musk’s control by rejecting accountability measures, highlighting a corporate culture that favors power consolidation over genuine sustainability and oversight.
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