Comptroller DiNapoli Statement on Elon Musk's Trillion Dollar Pay Proposal & Tesla Board Members

New York State Comptroller Thomas P. DiNapoli, trustee of the New York State Common Retirement Fund, released the following statement today announcing that the Fund will vote against Elon Musk's proposed 2025 pay package and all directors standing for reelection at Tesla Inc.'s Nov. 6, 2025, Annual Meeting.

"Elon Musk's latest trillion-dollar pay proposal is excessive, waters down the holdings of other shareholders, and gives a captive discretion. Musk's significant stake in Tesla has failed to focus his attention on the company. Now, despite these distractions, Tesla proposes to reward Musk, currently one of the richest men in the world, with another unprecedented pay package. We have long opposed Musk's excessive compensation proposals, and this package continues the troubling pattern of prioritizing him over the interests of every other Tesla shareholder.

"The Tesla Board has repeatedly failed to provide the independent oversight and accountability that shareholders expect from a public company. These directors must bear responsibility for enabling numerous governance failures that have contributed to brand damage, extraordinary stock volatility, legal risk, the erosion of shareholder rights, and nonexistent oversight of management."

Over the coming weeks, DiNapoli will encourage other investors to vote against Elon Musk's proposed 2025 pay package and all directors standing for reelection.