04:33 AM EDT, 10/03/2025 (MT Newswires) -- Certain Tesla (TSLA) shareholders on Thursday called on the electric vehicle maker's investors to vote against Chief Executive Elon Musk's proposed $1 trillion pay package at next month's meeting, citing the company's declining performance, among other things.

"The board's relentless pursuit of retaining its CEO seems to have harmed the company's reputation, led to extraordinarily high levels of executive compensation, and delayed progress on meeting key goals like full self-driving," a shareholder group said in a letter.

The group, which includes the SOC Investment Group and officials from several states, also urged Tesla investors to oppose the re-election of board members Ira Ehrenpreis, Joe Gebbia and Kathleen Wilson-Thompson, calling them "part of the problem."

In a social media post, Tesla said it's "hard to argue Elon's leadership and the Tesla board's governance haven't been effective." The company said that if Musk "doesn't deliver results, he receives nothing."

Tesla shares were up 1.9% in recent premarket activity Friday.