07:09 AM EDT, 06/11/2024 (MT Newswires) -- A California pension fund opposes Tesla (TSLA) CEO Elon Musk's revised pay package, citing excessive compensation, CNBC reported late Monday.

California State Teachers' Retirement System, with nearly 4.7 million Tesla shares, sees Musk's pay as grossly disproportionate to average worker wages, according to the report citing Chief Investment Officer Chris Ailman.

In response to Musk's suggestion that he might focus more on his other projects if the Tesla pay package is rejected, Ailman told CNBC that he does not want to see Musk completely walk away from Tesla but delegate more operational responsibilities to professional managers as his heart lies in space exploration.

California State Teachers' Retirement System and Tesla did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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