Randi Weingarten AFT President | American Federation of Teachers
A coalition of major labor unions and progressive organizations has launched a public campaign urging Tesla shareholders, workers, and consumers to hold CEO Elon Musk and the company's Board of Directors accountable ahead of Tesla’s November 6 shareholder meeting.
The coalition includes the American Federation of Teachers (AFT), Communications Workers of America (CWA), Stop the Money Pipeline, Public Citizen, People’s Action Institute, Ekō, Americans for Financial Reform, and others. The group introduced a new website designed to help the public contact state pension funds and large mutual fund managers such as Vanguard and Fidelity. The aim is to encourage these entities to vote against Musk's proposed compensation package and oppose board nominees who have not held Musk accountable. Users can also reach out to their personal investment managers regarding their Tesla holdings.
Tesla shareholders are set to vote on a new pay package for Musk that could total up to $1 trillion over ten years. This amount is significantly higher than executive compensation at other major companies. A Delaware judge previously voided Musk's earlier $56 billion package, describing it as “an unfathomable sum.” The coalition argues that the proposed package is unnecessary and would reward Musk even if he fails to meet performance targets.
“The Tesla board, instead of upholding basic governance standards, wants to green light an outrageous $1 trillion pay package for a CEO who has spent most of the year engaged in childish political brawls, rather than working to create shareholder value,” said American Federation of Teachers President Randi Weingarten. “To reward this destructive behavior with an obscene salary is a slap in the face—not only to the federal workers he’s fired, but to the retirees whose pensions are invested in Tesla stock. We urge shareholders to join with us and demand their state pension officials reject Musk’s money grab and confiscate the Tesla board’s rubber stamp.”
“Elon Musk is enriching himself by stealing from the American worker—from our infrastructure dollars for rural broadband to workers' private data from the Department of Labor—and now he wants to steal $1 trillion from our pensions and retirement accounts. Shareholders, unions and working people must all stand together to stop Musk's corporate heist,” said Communications Workers of America President Claude Cummings Jr.
“Tesla shareholders can either check Musk’s corporate power grab, or vote to grant him more and more power. How shareholders vote on Musk's trillion-dollar pay package and other important Tesla ballot items will likely set the stage for similar attempts by other oligarchs to consolidate their own power,” said Natalia Renta, Americans for Financial Reform Associate Director of Corporate Governance and Power. “This new website allows people to get their voices heard by sending letters to their state financial officer and mutual fund manager (if they have one).”
“No CEO is worth a trillion dollar pay package, but especially not Elon Musk, who has wiped billions off of Tesla’s share value, trashed the company’s reputation and driven millions of its customers away. Tesla’s shareholders need to show the judgment Musk so clearly lacks, and reject this pay deal,” said Ekō Executive Director Emma Ruby-Sachs.
“In the last twelve months, Elon Musk’s attempts to destroy the American government have caused huge damage to the Tesla brand and contributed to a significant decline in the company’s sales in multiple key markets,” said Stop the Money Pipeline Coalition Director Alex Connon. “Now the Tesla Board wants to reward Musk with what could be the largest pay package received by any executive, ever. Tesla shareholders should reject this insane proposal.”
With growing criticism from state financial officers about Musk's leadership roles outside Tesla—including his management of government agencies—the coalition calls on institutional investors to oppose excessive executive compensation at Tesla. Organizers advocate for any proposed pay package for Musk be benchmarked against comparable CEOs’ compensation levels at similarly sized firms. They also urge opposition against re-electing board members lacking independence from management or commitment to strong corporate governance practices.
For additional details about this campaign or interview requests with organizers, visit takebacktesla.com or email info@srresponse.org.
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