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Tesla board chair Robyn Denholm is calling on the company\u2019s shareholders to approve Elon Musk\u2019s massive $56 billion pay package<\/a> or risk driving the billionaire CEO to greener pastures. <\/p>\n<\/div>\n On June 13th, Tesla shareholders will decide the fate of Musk\u2019s compensation package, which is estimated to be worth as much as $56 billion. It will be the\u00a0second time<\/a>\u00a0that shareholders will vote on the CEO\u2019s pay, after\u00a0a Delaware judge voided the first one<\/a>\u00a0earlier this year on the grounds that the approval process was \u201cdeeply flawed.\u201d And now the company is engaged in a full-court press to convince shareholders to approve the proposal a second time. <\/p>\n<\/div>\n \u201cElon is not a typical executive, and Tesla is not a typical company\u201d<\/p>\n<\/div>\n<\/div>\n Later, she implies that Musk could decamp to \u201cother places\u201d without proper motivation. \u201cWhat we recognized in 2018 and continue to recognize today is that one thing Elon most certainly does not have is unlimited time,\u201d Denholm says. \u201cNor does he face any shortage of ideas and other places he can make an incredible difference in the world. We want those ideas, that energy and that time to be at Tesla, for the benefit of you, our owners. But that requires reciprocal respect.\u201d<\/p>\n<\/div>\n The vote to approve the $56 billion pay package, which would make Musk the most highly compensated chief executive in modern history, is \u201cnot about the money,\u201d Denholm insists. \u201cWe all know Elon is one of the wealthiest people on the planet, and he would remain so even if Tesla were to renege on the commitment we made in 2018.\u201d<\/p>\n<\/div>\n Denholm implying that Musk needs \u201cmotivation\u201d in the form of the largest pay package ever approved for a CEO in order to stay at Tesla speaks to the fear many investors feel about his future at the company. Musk\u2019s many different projects \u2014 heading companies like SpaceX, The Boring Company, Neuralink, X, and xAI \u2014\u00a0have taken his attention away from Tesla, which is the primary source of his wealth and popularity. <\/p>\n<\/div>\n \u201cWe all know Elon is one of the wealthiest people on the planet\u201d<\/p>\n<\/div>\n<\/div>\n Several proxy firms have recommended against approving Musk\u2019s pay proposal. But early voting seems to suggest that he could end up getting what he wants. A report by trading platform eToro from last month showed that about 25 percent of Tesla\u2019s shares have already voted,\u00a0Reuters<\/em>\u00a0said. Of those, more than 80 percent were in favor of Musk\u2019s package.<\/p>\n<\/div>\n