Tesla faces global revolt over Musk’s trillion dollar pay package

The globe is turning on Elon Musk’s record-breaking trillion-dollar Tesla pay deal, accusing the world’s richest man of greed.

The backlash against Elon Musk’s record-breaking $US1 trillion ($1.54 trillion) Tesla pay deal is gathering global momentum - with unions, proxy firms, and powerful investors all urging shareholders to “take back Tesla”.

A coalition of unions and corporate watchdogs, including the American Federation of Teachers, Public Citizen, and Americans for Financial Reform, has launched a website and national campaign calling on investors to vote no to Musk’s new pay package at Tesla’s annual meeting on November 6.

The campaign, titled “Take Back Tesla”, brands the billionaire’s proposed deal “outrageous”.

“Public pension funds are significant shareholders in Tesla, and the asset managers who invest those funds have even larger holdings,” the site says.

“That’s our money, and we should tell people who invest it for us that we want them to vote to hold Musk and Tesla board members accountable.”

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“Take Back Tesla” - a new campaign by unions is urging shareholders to block Musk’s mega-deal. (Photo by CHARLY TRIBALLEAU / AFP)

ISS and Glass Lewis have recommended against Tesla’s proposals time and time again since the 2018 CEO Performance Award was introduced.

It’s a good thing our shareholders ignored those recommendations otherwise they may have missed out on our market capitalization soaring by…

— Tesla (@Tesla) October 20, 2025

Two of the world’s most influential proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis & Co have recommended against the trillion-dollar pay package.

In separate reports, the advisers warned the plan would dilute shareholders’ equity.

Tesla hit back in a post that, “ISS and Glass Lewis have recommended against Tesla’s proposals time and time again since the 2018 CEO Performance Award was introduced.”

ISS once again completely misses fundamental points of investing and governance.

They recommended against compensation that shareholders have voted on twice before (and that Elon has already earned), as well as the 2025 CEO Performance Award (where Elon receives nothing unless…

— Tesla (@Tesla) October 17, 2025

The push for Musk’s new US $1 trillion deal follows a Delaware court ruling that struck down his earlier US $56 billion package.

Musk had appealed the decision to the Delaware Supreme Court and is seeking to have that plan reinstated.

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(FILES) Elon Musk faces backlash as unions, investors and proxy firms unite against his US $1 trillion dollar pay package. (Photo by Allison ROBBERT / AFP)

The proposed package would award Musk up to 423 million shares only if Tesla hits targets including a market capitalisation of US $8.5 trillion, 20 million vehicles sold, and one million robotaxis deployed over the next decade.

Critics say even partial achievement of these goals would still deliver Musk billions.

Tesla has defended the plan, saying it is “critical” to retain Musk.

Musk reportedly has threatened to leave the company unless these demands are met.

According to Forbes, Tesla’s board held 10 meeting and concluded that Musk had “raised the possibility that he may pursue has other interests and leave Tesla” if he was not assured a 25 per cent voting interest and other controls.