In a letter addressed to shareholders, Tesla's chair Robyn Denholm has made a passionate plea for the approval of CEO Elon Musk's $56 billion pay package. The topic will be discussed at the upcoming annual shareholders meeting, where investors will cast their votes on this matter.

Denholm argued that awarding Musk the payout would ensure his continued dedication and motivation to drive astonishing growth for the company. However, shareholders are faced with a stark choice, as Denholm emphasized that if they were to vote against the pay package, Musk might choose to leave Tesla.

Denholm expressed her concern over Musk's limited time, given his involvement in various ventures. She urged shareholders to consider the mutual respect required to keep Musk's ideas, energy, and time focused on Tesla, for the benefit of the company's owners.

However, it appears that a growing number of Tesla shareholders are ready to see Musk step down. This sentiment is particularly evident on Tesla's pro-Musk subreddit, where many voiced their support for his departure. Shareholders hope such a transition would refocus the company's attention on its core products.

This movement against Musk's exorbitant pay package has gained momentum, with proxy advisory firm Glass Lewis recommending that shareholders reject it. In response, Tesla fired off a strongly-worded letter, accusing Glass Lewis of using flawed reasoning.

While Musk was previously credited with driving Tesla's extraordinary growth, the current situation seems less favorable for the company. Tesla's sales have plummeted, and it faces increased competition from cheaper alternatives in the US market. Musk's controversial behavior, including racist rants and diversion of important resources to other ventures like his social media platform X and AI startup xAI, have also raised concerns among investors.

Furthermore, Musk's recent layoffs, including the dismissal of the entire Supercharger team and a senior director of EV charging, have not been well-received by fans or shareholders. These actions have undermined the company's reputation and left many questioning Musk's prioritization of Tesla's interests.

Additionally, disappointment surrounds Tesla's Cybertruck, with fans expressing dissatisfaction over its limited range, poor workmanship, and ill-fitting body panels. The delivery of defective vehicles has further dampened enthusiasm for the highly anticipated electric pickup truck.

With Musk losing significant goodwill and facing mounting dissatisfaction, it comes as no surprise that many shareholders would welcome a new CEO who can fully concentrate on Tesla's success without being hindered by numerous other ventures.

The fate of Elon Musk's pay package will be decided at the upcoming shareholders meeting, reflecting the prevailing sentiment towards the CEO's leadership and commitment to Tesla's future prospects.