Elon Musk’s Tesla finally sets a shareholder meeting date amid doubts about his long-denied $56 billion pay package

SEE FULL BIO Tesla investors sent a letter to the board this week, pressing for a -the-date on the annual holder meeting

Chip Somodevilla—Getty Images the date: Tesla has announced it will hold an annual holder meeting on Nov. 6; the announcement comes just one day after a pointed letter from investors to the board enthusiastically the independent directors set a date—publicly

Better late than never

Tesla announced on Thursday it will hold an annual meeting on Nov

The last annual holder meeting was a high-stakes event that saw investors apve CEO Elon Musk’s controversial pay package a second time and green-light a move from Delaware to Texas

Tesla notified investors the meeting and set a July 31 deadline for holders to submit posals

Meanwhile, Tesla has yet to file a xy statement—which informs holders of the meeting agenda and items to be voted on—that would ly answer swirling questions Musk’s controversial compensation

It was to be the highest compensation ever awarded to the CEO of a publicly traded company

However, an investor challenged it in court, and Delaware Chancery Court Judge Kathaleen St

McCormick rescinded it twice—even after Tesla investors apved it a second time last year

As it stands, it’s un how the Tesla board will ceed with paying Musk, a prerogative for keeping him engaged at Tesla amid his other competing interests and companies, board chair Robyn Denholm has said

Tesla has faced serious pressure from investors over Musk’s work with President Donald Trump’s Department of Government Efficiency (DOGE) and later Musk’s bitter bust-up with Trump

Ing the announcement of the meeting date, a few of Tesla’s investors were underwhelmed. “Tesla isn’t riding on innovation right now, it’s riding on inertia. ” —Mark Pinsley, Lehigh County Controller In a statement, New York City Comptroller Brad Lander said the announcement was a “welcome, if belated, recognition that the rule of law applies to everyone—even the world’s richest man and his company. “The basic corporate governance rules are not optional; they are fundamental tections for holders and public,” said Lander

Lehigh County Controller Mark Pinsley, a member of the Lehigh County pension board, which voted last May to halt any new investments in Tesla in the county’s actively managed funds, said Musk’s political ambitions have turned Tesla from a transformative company into a cultural fault line. “It’s time he stepped aside,” Pinsley told Fortune. “His growing entanglement in, including his flirtation with launching a new political party, makes Tesla a xy for ideological battles rather than a company focused on serving its workers or customers. ” Pinsley said Tesla “benefits enormously” from simply being part of the S&P 500, meaning index funds are compelled to keep in the stock

It creates artificial demand that is largely unrelated to fundamentals such as revenue, innovation, or governance, he said. “I understand the long-term mise of autonomous taxis,” said Pinsley. “However, we’re still years away from them generating significant revenue, so the [price-to-earnings ratio] remains way out of whack with the underlying fundamentals. ” Plus, Tesla has become a lightning rod, he said, more divisive than visionary, which is a shame for a company that once held real mise to shape society, Pinsley added. “Tesla isn’t riding on innovation right now, it’s riding on inertia,” he said. “Its place in the S&P 500 keeps demand for its stock artificially high, regardless of performance. ” Introducing the 2025 Fortune 500, the definitive ranking of the biggest companies in America

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