From NBC: 2024-06-05 07:39:41

Billionaire investor Ron Baron, a longtime Tesla bull and shareholder, publicly supported CEO Elon Musk’s controversial $56 billion pay package. The package, heavily based on Tesla’s market value reaching $650 billion in 10 years, has faced criticism for its close ties to Musk. The shareholder meeting to decide on the package is set for June 13.

Baron, founder of Baron Capital, expressed unwavering support for Musk, emphasizing the CEO’s role as the driving force behind Tesla’s success. Musk’s compensation contract in 2018 set ambitious performance metrics which required exceptional performance from Musk to earn anything. Baron’s firm has seen significant returns on its Tesla investment since 2014. Judge McCormick voided the original pay package in January, prompting Musk to consider relocating Tesla’s state of incorporation from Delaware to Texas.

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