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A growing number of Tesla shareholders are pushing back against Elon Musk's massive $1 trillion pay plan, ahead of the company's important shareholder meeting in November.

The group opposing the package includes the SOC Investment Group and state leaders from Nevada, New Mexico, and Connecticut.

In a letter shared through a regulatory filing on Thursday, they asked investors to vote against Musk's compensation and the re-election of three Tesla board members: Ira Ehrenpreis, Joe Gebbia, and Kathleen Wilson-Thompson, Reuters reported.

The coalition says the board is too focused on keeping Musk in charge, even as some company goals from the last annual meeting have been delayed.

They also raised concerns about Tesla's recent performance and said the board has not done enough to keep Musk's management in check.

Critics Say Elon Musk's Deal Risks Tesla Imbalance

One of the most outspoken critics is New York City Comptroller Brad Lander.

While the city's pension funds don't hold large amounts of Tesla stock, Lander has taken part in many corporate reform efforts and has criticized how Tesla's board oversees Musk.

According to EconoTimes , his term as Comptroller ends in January 2026. The timing of this criticism is especially notable. Tesla just reported record-breaking deliveries for the last quarter.

However, there are fears that demand may drop soon, especially with a key US electric vehicle tax credit set to expire.

Musk's pay package, if approved, would be the largest in corporate history. It includes high performance targets, and many believe it's designed to give Musk more control over the company.

Critics argue it's too risky and could lead to an imbalance in leadership.

In response to the pushback, Tesla defended the plan in a statement on X (formerly known as Twitter).

The company said Musk's pay is entirely based on performance. "If Elon Musk doesn't deliver results, he receives nothing," the post stated.

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Elon Musk