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Tesla’s board has formed a special committee to explore Elon Musk’s pay, which could lead to the electric-vehicle maker’s chief being offered a fresh package of stock options as it seeks to resolve uncertainty over his future.

The committee comprises just the chair, Robyn Denholm, and Kathleen Wilson-Thompson, according to several people familiar with the matter. As well as Musk’s pay package it will also explore alternative ways to compensate him for past work should Tesla fail to reinstate his record 2018 pay deal via an appeal at the Delaware Supreme Court this year.

After the existence of the special committee was disclosed with a single sentence in a filing last month, major investors have reached out to the board and have been sounded out about their views on Musk’s pay and his continued leadership of the company, the people added.

Tesla and Musk have been embroiled in a legal battle in Delaware for seven years over the largest pay award in US history. It was struck down by Chancellor Kathaleen McCormick, a Delaware judge, in January 2024. She ruled that the amount was excessive and board members had acted in thrall to Musk. They were behaving, she concluded, “like supine servants of an overweening master”.

Musk, already the world’s richest man, has threatened to leave the electric-car maker he co-founded unless he is awarded greater control over the company.

Elon Musk's polarizing political activism appears to have come at the expense of his largest companies, as Republicans expressed more favorable opinions than did Democrats.
By the numbers: Tesla was in 8th place in the 2021 reputation ranking of America's 100 most visible companies, but last year tumbled to 63rd and now is near the very bottom at 95th.