Tesla Bull Gary Black Dismisses 'Insane Fear-Mongering' Over CEO Elon Musk's Pay Plan: 'Just Pay The Man What Is Due To Him'
Portfolio Pulse from Shanthi Rexaline
Tesla shares fell on Monday despite broader market gains. Fund manager Gary Black dismissed concerns over shareholders potentially rejecting CEO Elon Musk's compensation plan, calling it 'insane fear-mongering.' Black expects shareholders to approve the plan in 2024, as they did in 2018. Black's Future Fund Active ETF holds Tesla shares, though at a reduced weighting compared to earlier this year. Tesla's plan to seek reapproval for Musk's 2018 compensation plan has met mixed reactions, with some fearing Musk might leave if not approved.
May 21, 2024 | 6:33 am
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NEUTRAL IMPACT
Gary Black's Future Fund Active ETF holds Tesla shares, though at a reduced weighting compared to earlier this year. Black's stance on Musk's compensation plan and Tesla's strategic direction could influence the ETF's performance.
The ETF's performance is somewhat tied to Tesla's stock, but the reduced weighting means the impact is less significant. The news is likely to have a neutral short-term impact on FFND.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Tesla shares fell despite broader market gains. Gary Black dismissed concerns over Musk's compensation plan rejection, expecting shareholder approval in 2024. Mixed reactions to Tesla's plan to seek reapproval for Musk's 2018 compensation plan.
The news highlights concerns over Musk's compensation plan but also reassures that shareholders are likely to approve it, as they did in 2018. This mixed sentiment may result in neutral short-term price movement for Tesla.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100