Change CalPERS Vote to YES on Elon Musk's Stock Option Award

The Issue

June 1, 2024.

Many people in California live better today because of Tesla. Elon Musk brought California into the future with jobs in AI, robotics, manufacturing, service, sales, megapack production/installation, solar panels/roofs, home powerwalls, and grid energy backup for California. He preserved the original Hewlett Packard Enterprise campus in Palo Alto by establishing Tesla Engineering HQ in that same building and is committed to growing Tesla's presence in the Golden State.

Many public employees have money invested in CalPERS public pension fund. Unfortunately, this organization did not ask their customers how they would like to vote on a very important issue:


Elon Musk's performance-based stock option award. 


We are asking CalPERS to change their NO vote to a YES vote. We believe most shareholders would support this decision.


Sign this petition if you agree that CalPERS should change their vote to YES on Elon Musk’s stock option award!

avatar of the starter
Gail AlfarPetition StarterHuman who cares about humanity.
Media inquiries

4,492

The Issue

June 1, 2024.

Many people in California live better today because of Tesla. Elon Musk brought California into the future with jobs in AI, robotics, manufacturing, service, sales, megapack production/installation, solar panels/roofs, home powerwalls, and grid energy backup for California. He preserved the original Hewlett Packard Enterprise campus in Palo Alto by establishing Tesla Engineering HQ in that same building and is committed to growing Tesla's presence in the Golden State.

Many public employees have money invested in CalPERS public pension fund. Unfortunately, this organization did not ask their customers how they would like to vote on a very important issue:


Elon Musk's performance-based stock option award. 


We are asking CalPERS to change their NO vote to a YES vote. We believe most shareholders would support this decision.


Sign this petition if you agree that CalPERS should change their vote to YES on Elon Musk’s stock option award!

avatar of the starter
Gail AlfarPetition StarterHuman who cares about humanity.
Media inquiries

The Decision Makers

Fiona Ma
Fiona Ma
California Treasurer
Responded
“Good afternoon, Thank you for reaching out and for sharing your concerns regarding California’s investment exposure to Tesla and public reaction to the recent executive compensation proposal for Elon Musk. I appreciate how deeply Californians care about responsible governance and accountability. I want to provide clarity on the actions California has already taken. Both CalPERS and CalSTRS—independent pension boards entrusted with protecting the retirement security of public workers—voted against Elon Musk’s proposed compensation package at Tesla. Their votes reflected significant and well-documented concerns, including: • The unprecedented size of the package, which exceeded $50 billion and was viewed as misaligned with shareholder interests • Serious governance weaknesses, including insufficient board independence and oversight • Over-concentration of control in a single executive without adequate checks and balances • A lack of clear, long-term performance measures to justify such an extraordinary award • Concerns about workplace safety, labor practices, and operational risk, which factor into long-term sustainability These votes were grounded in the pension funds’ fiduciary duty to safeguard the long-term value of the investments that support millions of California workers and retirees. As State Treasurer, I do not have unilateral authority to order divestment or investment decisions involving individual companies. Under California law, CalPERS and CalSTRS must act solely in the financial interest of their members and beneficiaries. Each decision—whether voting on a compensation package or determining a holding—is made publicly and independently by the pension boards. Both funds continue to use their shareholder rights to press Tesla for: • Stronger corporate governance • Improved transparency • Board independence • Responsible oversight of executive compensation • Better worker safety and labor standards Engagement is a powerful tool that enables California to advocate directly for meaningful improvements, while upholding the legal fiduciary framework that governs pension investments. I remain committed to transparency, accountability, and ensuring that public retirement assets are managed responsibly and sustainably. The actions taken by CalPERS and CalSTRS on the Musk pay package reflect a serious commitment to these principles. Thank you again for your advocacy and for engaging in this important dialogue. Your voice helps strengthen the accountability and integrity of the financial institutions that serve California’s public workers and retirees. Sincerely, Fiona Ma, CPA California State Treasurer”
CALPERS
CALPERS

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Petition created on June 1, 2024