AUSTIN, Texas — Protesters gathered outside the Texas Capitol on Wednesday, voicing strong opposition to a proposed trillion-dollar compensation package for Tesla CEO Elon Musk. Signs reading “No Trillion Dollars for Musk” and “No Tax Breaks for Elon” were displayed as rallygoers urged Tesla investors to reject the pay plan.
Amanda Marzullo, a candidate for Travis County’s Precinct 2 seat, criticized local officials for not standing up against Tesla.
“The fight against Tesla starts here at home,” she said. “We are in a situation where county commissioners have failed to stand up for people who have been victimized by Tesla and it’s time to hold them accountable for that.”
Marzullo argued that approving the pay plan would exacerbate income inequality.
“It means that they are further income inequality and supporting a billionaire who’s already the world’s richest man and taking an act like extracting more funds from our community,” she said.
The controversy follows Tesla’s move from Delaware to Texas last year, reportedly to facilitate the pay package. A Delaware judge previously deemed a $56 billion pay plan for Musk “unfathomable” and unfair to shareholders. In response, Musk encouraged the board to relocate to Texas, where the pay package was increased to a trillion dollars.
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State Sen. Roland Gutierrez of San Antonio highlighted the financial struggles many Americans, including Texas, are facing as investors contemplate the pay package.
“They can’t afford to pay their auto insurance, their health insurance. We have a government shutdown right now where people are literally not getting paid,” he said.
Musk has threatened to leave Tesla if the pay plan is not approved, stating that his interest lies in maintaining a higher stake in the company to ensure control. Supporters argue that the package will incentivize Musk and keep him focused on Tesla’s future, including its development of humanoid robots for factory work.
The Tesla board is set to vote on the pay plan tomorrow. Despite reaching out, Tesla has not provided a response to the rally.