Tesla Rewards Elon Musk’s Reality-Distortion Field
At Tesla’s annual shareholder meeting on Thursday, investors enthusiastically backed a plan that strengthens Elon Musk’s control over the company, even at the cost of diluting their own shares. The highlight was not Musk’s approval of an almost trillion-dollar pay package—an outcome widely expected given his immense popularity and voting power—but something more telling.
The audience, many dressed in Tesla-themed outfits and moving to the company’s calm lo-fi soundtrack, loudly booed a proposal by New York State Comptroller Thomas DiNapoli. His motion sought to repeal a bylaw that effectively bars regular shareholders from suing Tesla.
“The board recommended against the measure, as it has done with nearly every accountability effort over the years.”
Repeatedly, pension fund managers, human rights advocates, and individual investors have pushed for modest reforms—such as preventing child labor in the supply chain or linking executive pay to sustainability metrics. Each time, shareholders have instead aligned with Musk and the board, choosing loyalty over oversight.
Author’s Summary
Tesla shareholders once again prioritized Musk’s vision and authority over corporate accountability, reinforcing his dominance within the company structure.