California pension fund to oppose Elon Musk’s ‘ridiculous’ Tesla $56B payday

California State Teachers Retirement System will vote against Tesla CEO Elon Musk’s $56 billion pay package, the pension fund’s chief investment officer told CNBC on Monday.

“We’ll pay him 140-times the average worker pay. How about that deal? I think that’s more than fair. This pay package is ridiculous,” Chris Ailman said on “Squawk on the Street.”

California State Teachers Retirement System’s decision comes Norway’s $1.7 trillion sovereign wealth fund said it will vote against Elon Musk’s pay package. California Teachers Association

Elon Musk
Shareholder vote on Thursday after a Delaware judge invalidated Musk’s pay earlier this year. REUTERS

Norway’s $1.7 trillion sovereign wealth fund said Saturday it would vote against ratifying Musk’s compensation package, which is up for a shareholder vote on Thursday after a Delaware judge invalidated it earlier this year.

CalSTRS did not immediately respond to a Reuters request for comment.

Tesla is also proposing to reincorporate in Texas instead of Delaware and re-elect two directors, including Musk’s brother, Kimbal.

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