In the latest twist in a long-running battle over Elon Musk’s compensation at Tesla, the SOC Investment Group has requested that Nasdaq formally investigate “and take appropriate remedial action” against Tesla for its recent $29 billion equity grant to the CEO. In a letter to Nasdaq, the group raised concerns about compliance with executive compensation rules and shareholder transparency.
The SOC Group, formerly known as the CtW Investment Group, works with pension funds sponsored by a coalition of unions representing over 2 million members; many of those funds are Tesla investors.
In a letter dated Aug. 19, 2025, addressed to Erik Wittman, deputy general counsel and head of enforcement at Nasdaq, SOC expressed “serious concerns” about Musk’s new compensation package. Specifically, SOC said it was concerned that Tesla’s board circumvented Nasdaq listing rules when awarding Musk a “2025 CEO Interim Award,” disclosed earlier this month. The group claims this equity award should have required a shareholder vote, as stipulated under Nasdaq’s rules, given that it materially amended compensation plans.
Tesla’s board approved Musk’s new equity package under the company’s 2019 Equity Incentive Plan, largely as compensation for his previously awarded—and overturned—$56 billion options package from 2018, known as the “2018 CEO Performance Award.” That older award was (twice) overturned by the Delaware Chancery Court owing to questions regarding board independence—a decision currently being appealed at the Delaware Supreme Court.
