Response to Musk’s post about voting for his $56 billion Tesla pay package

(Reuters) – Tesla shareholders will vote by wide margins to approve a $56 billion pay package for CEO Elon Musk, the billionaire said on social media on Wednesday.

The company’s attempt to trigger a shareholder re-vote on its record-breaking pay has put a spotlight on CEO pay in corporate America.

Here’s what some people say about it:

SANDEEP RAO, SENIOR RESEARCHER AT LEVERAGE SHARES WHO OWNS TESLA SHARES

“This vindicates Musk and allays investor concerns about his waning interest in Tesla, but large institutional shareholders opposed to the compensation package may look elsewhere for value due to their concerns about the size of the package, especially given recent disappointing performance of Tesla and increasing competition. “

GREG ABBOTT, GOVERNOR OF TEXAS

“Congratulations Elon on receiving the promised wages and on your new location in Texas.

“Welcome to a state that has neither a personal nor a corporate tax.”

ADAM BADAWI, LAW PROFESSOR AT UC BERKELEY

“Even if shareholders approve the old package, it is not clear whether the Delaware court will allow that vote to be effective.”

(Reporting by Abhirup Roy and Abinaya Vijayaraghavan; Editing by Miral Fahmy)