BofA analyst Federico Merendi notes that Tesla (TSLA) shareholders will vote on November 6 on CEO Elon Musk’s newly proposed pay package at the company’s annual meeting and points out that Robyn Denholm, the chair of Tesla’s board, stated in a media interview earlier this week that “If we don’t get this across there is a high probability Elon will back away from the company or become less engaged.” This vote “poses significant risk to the stock” and if it doesn’t pass and CEO Elon Musk focuses his efforts on his other ventures or steps down the firm expects the stock to react negatively, adds the analyst, who has a Neutral rating on Tesla shares.
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