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Tesla really, really wants you to vote on Elon Musk's pay package

Grace Kay   

Tesla really, really wants you to vote on Elon Musk's pay package
  • Tesla is offering a potential Gigafactory tour with Elon Musk to shareholders who vote in its annual meeting.
  • 15 investors will be chosen at random for the tour, Tesla said.

Tesla is offering shareholders the opportunity to tour its Texas Gigafactory alongside Elon Musk and the designer of the Cybertruck Franz von Holzhausen — there's just one catch.

To qualify for a possible invite to the tour, investors must cast their vote on Musk's pay package.

Tesla announced the tour promotion on Tuesday. The company will select 15 shareholders at random for the event, which will take place the day before the annual shareholder meeting on June 12 and will include a tour of the Cybertruck and Model Y production lines at the Gigafactory.

To enter into the raffle, Tesla investors must submit proof that they've held a stake in the company as of April 15, as well as show evidence that they voted on the proposals for the upcoming meeting. The deadline to apply for the opportunity is June 7.

"You should only submit proof that you voted, not how you voted," according to Tesla's website. "You do not need to vote for or against any proposals to be eligible for entry."

Ahead of the annual meeting for investors, shareholders will be asked to vote on a number of proposals, including a proposal to reinstate Musk's pay package, which was struck down by a Delaware judge earlier this year. The company is also asking investors to vote on a proposal to move the company's state of incorporation from Delaware to Texas, and a separate proposal to reelect Tesla board members Kimbal Musk and James Murdoch.

Over the past few weeks, Tesla has pulled out all the stops to encourage investors to vote for the proposals, particularly Musk's pay package, which was valued at around $55 billion before it was voided in January. The company has argued the compensation plan is "critical to the future success of Tesla" and has even paid for a handful of advertisements promoting the pay plan.

Meanwhile, some investors have urged others to vote against the proposals. On May 21, a group of shareholders filed a letter with the Securities and Exchange Commission calling for investors to vote against both Musk's pay package and the proposal to reelect Murdoch and Kimbal Musk. Separately, proxy advisory firm Glass Lewis said in a report on Saturday that the pay plan was "excessive" and presented investors with "uncertain benefits and additional risk."

Are you a Tesla investor, do you work for the company, or have a tip? Reach out to the reporter via a non-work email and device at gkay@businessinsider.com or 248-894-6012


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