10:11 AM EDT, 05/17/2024 (MT Newswires) -- Tesla (TSLA) is facing a daunting challenge to win its shareholders' approval of motions to move the company to Texas and pay Chief Executive Elon Musk's $56 billion compensation package, the Financial Times reported Friday, citing Chair Robyn Denholm.

"It's like Mount Everest," Denholm said to the FT. "It's a huge hill to climb because getting 50% of the shareholders to vote, let alone what they vote for, is quite tough."

The votes will be held on June 13 at Tesla's annual meeting.

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