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To: Tesla Board
Stop laying off workers and give Elon Musk a pay cut instead!
Over the past month, Tesla CEO Elon Musk has chaotically laid off a significant number of his employees as the company scrambles with declining sales. Musk said he anticipates laying off more than 10% of Tesla employees.
Meanwhile, Musk’s $55.8 BILLION compensation package has been challenged by even the courts as being “unfair” and “flawed,” given the median worker at Tesla makes merely $34,084.
Tesla’s board is set to ratify Musk’s voided compensation package during their June meeting. Demand that Tesla STOP laying off employees and reduce Musk’s compensation package instead!
Meanwhile, Musk’s $55.8 BILLION compensation package has been challenged by even the courts as being “unfair” and “flawed,” given the median worker at Tesla makes merely $34,084.
Tesla’s board is set to ratify Musk’s voided compensation package during their June meeting. Demand that Tesla STOP laying off employees and reduce Musk’s compensation package instead!
Why is this important?
When Musk joined Tesla in 2018, the board offered him a $2.28 BILLION compensation package—which was staggering even then. But because of the stock options, the package has grown exponentially over the years to now a $55.8 BILLION package—the “largest potential compensation opportunity ever observed in the public market.” Yet the board is resistant to lowering Musk’s compensation package, even amid mass layoffs.
It is irresponsible and reckless for Musk to lay off 10% of its Tesla team, and the rollout has been dehumanizing and callous. Some workers even reported learning they had been laid off only when their employee badge no longer worked. The poor rollout and lack of leadership have even had long-term executives leave the company.
The judge who ruled against Musk’s compensation package said the deal was “unfathomable” and created a dynamic in which Musk “essentially controlled the board.” If Tesla needs to cut costs, it doesn’t need to look at its employees—it can look at Musk’s outlandish compensation package that has already been deemed unlawful.
It is irresponsible and reckless for Musk to lay off 10% of its Tesla team, and the rollout has been dehumanizing and callous. Some workers even reported learning they had been laid off only when their employee badge no longer worked. The poor rollout and lack of leadership have even had long-term executives leave the company.
The judge who ruled against Musk’s compensation package said the deal was “unfathomable” and created a dynamic in which Musk “essentially controlled the board.” If Tesla needs to cut costs, it doesn’t need to look at its employees—it can look at Musk’s outlandish compensation package that has already been deemed unlawful.