Tesla (TSLA) shareholders are now voting on whether to approve CEO Elon Musk's pay package, now valued at $46 billion based on the company's current stock price. The results will be revealed on Thursday, June 13 at Tesla's annual shareholder meeting.

Gerber Kawasaki Wealth & Investment Management CEO Ross Gerber — a Tesla investor who owns about 300,000 shares — shares his reasons for voting against Musk's compensation package. The California Public Employees' Retirement System (CalPers), which holds 9.2 million Tesla shares, has also disclosed it will vote against the pay package.

A major incentive for passing the package through is that shareholders believe it will encourage Musk to stay on as CEO. Gerber states:

"I think he already has stepped back from the company and that's been going on for two years now. And then he just eliminated every meaningful executive at Tesla over the last six months. So he put Tesla in a position where if we don't vote for him and he, let's say, threatens to leave the company and leaves the company, there's actually nobody at Tesla to run it."

Gerber's biggest grievances are aimed at Tesla's board of directors, finding them to be "negligent" for not negotiating the size of Musk's pay package, which serves to detract from Tesla's main objective: manufacturing and selling EVs.

Yahoo Finance shared a poll at the start of the trading week, asking whether Tesla shareholders should approve Musk's pay package. Well over 400,000 respondents have participated in the poll, 96% of which voted "No."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Luke Carberry Mogan.

Follow along with Yahoo Finance's coverage of Musk's pay package saga:

Musk pay package: What's incentivizing shareholder votes

Elon Musk's $46B Tesla pay package: Explained

Poll: Should Tesla shareholders once again bless CEO Elon Musk's pay package proposal?

Musk's Tesla pay package is 'excessive' and should be voted down, shareholder advocate says

Most CEOs are defeating attempts to vote down their pay. Can Tesla's Elon Musk do the same?

Elon Musk isn't alone as more CEOs ask for bigger pay packages