Tesla Rewards Elon Musk’s Reality-Distortion Field
The most remarkable moment at Tesla’s annual shareholder meeting on Thursday wasn’t Elon Musk securing a nearly $1 trillion pay package — that outcome seemed inevitable given his popularity with retail shareholders and his control over a large share of votes.
More telling was the reaction when shareholders, many clad in Tesla-themed apparel and enjoying the company’s signature lo-fi beats, loudly rejected a proposal by New York State Comptroller Thomas DiNapoli. The proposal aimed to repeal a recent bylaw that effectively blocks regular shareholders from suing Tesla.
Tesla’s board has consistently opposed accountability measures like this one, advising shareholders against them for years. Despite calls from pension fund managers, human rights advocates, and individual investors to address issues such as preventing child labor in Tesla’s supply chain or linking sustainability goals to executive compensation, shareholders repeatedly side with the board and, more precisely, with Musk.
"Time and time again, shareholders side with the company’s board — or more accurately, with Musk — and reject them."
This cycle highlights an unsettling reality: many Tesla shareholders willingly dilute their own stakes to empower Musk’s dominance, raising questions about true accountability under the guise of "sustainable abundance."
Author’s summary: Tesla shareholders consistently back Elon Musk’s vision and governance, even when it means rejecting accountability measures designed to address ethical and sustainability concerns.