12:09 PM EDT, 05/29/2024 (MT Newswires) -- The California Public Employees' Retirement System tentatively intends to vote against a proposed $56 billion pay package for Tesla (TSLA) Chief Executive Elon Musk, CalPERS CEO Marcie Frost said Wednesday.

"As of today, minus the conversation that has yet to happen with Tesla, we would not be voting in favor of that proposal," Frost told CNBC in an interview. "We do not believe that the compensation is commensurate with the performance of the company."

"What she's saying makes no sense, as all the contractual milestones were met," Musk said on X. "CalPERS is breaking their word."

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