Certain Tesla Inc. TSLA shareholders are urging the company board to increase the security budget for its controversial CEO Elon Musk, board members, employees, and company sites after former President Donald Trump was shot at during a campaign rally on Saturday.
What Happened: Tesla shareholder Alexandra Merz has drafted a letter to Tesla’s board of directors seeking an increase in security budget to protect the CEO, board members, Tesla employees, and company sites.
According to Merz’s poll held on X, more than 3,000 people are in support of an increase in budget and Merz is now adding more signatories to her letter.
Tesla’s Current Expenses For Musk’s Security: According to a proxy statement filed by Tesla in April, the company entered into a service agreement with a Musk-owned security company to provide him with security services in December 2023.
“Tesla incurred expenses of approximately $2.4 million for such security services in 2023 and approximately $0.5 million through February 2024, representing a portion of the total cost of security services concerning Elon Musk,” the filing read, hinting that Tesla is not the only player paying for the billionaire’s security.
Musk Responds: Musk on Monday acknowledged the efforts of Tesla shareholders to increase his security budget and said, “Appreciate the thought.”
Why It Matters: The move from Tesla shareholders stems from security concerns for its controversial CEO that have increased since Trump was shot at during a campaign rally in Pennsylvania on Saturday.
Following the shooting incident, Musk said on X that he faced a similar predicament on more than one occasion in the past year. Musk said that two people tried killing him in the past eight months on separate occasions. "They were arrested with guns about 20 mins drive from Tesla HQ in Texas.”
Musk also referred to personal safety concerns during Tesla’s annual shareholder meeting in June.
“I think I probably need to work out. And like, not get assassinated or something, you know. I mean, it is getting a little crazy these days,” Musk said while adding that there are many “homicidal maniacs” out there.
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