New York State Comptroller Thomas P. DiNapoli announced that the New York State Common Retirement Fund will vote against Elon Musk’s proposed 2025 pay package and all Tesla Inc. directors up for reelection at the company’s annual meeting on November 6, 2025.
In a statement, DiNapoli said: “Elon Musk’s latest trillion-dollar pay proposal is excessive, waters down the holdings of other shareholders, and gives a captive board unwarranted 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.”
DiNapoli also criticized Tesla’s board: “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.”
He indicated plans to urge other investors to oppose both Musk’s compensation plan and director reelections in advance of the upcoming meeting.
