The world’s wealthiest individual, Elon Musk, delivered an impassioned plea during Tesla’s earnings call for shareholders to approve his trillion-dollar pay package and preserve his voting control. The appeal came as investors prepare to decide the issue at the November 6 annual meeting in Austin.
Tesla’s earnings presentation had methodically covered advances in artificial intelligence, autonomous driving, and robotics before Musk’s dramatic conclusion. The CEO’s decision to interrupt standard proceedings revealed his conviction that maintaining control is essential for Tesla’s continued innovation.
Musk’s argument focused on balancing adequate voting power to protect his strategic vision with appropriate accountability to shareholders. He presented the issue as crucial for continuing to lead ambitious technological initiatives while acknowledging the need for oversight of his leadership.
ISS and Glass Lewis received sharp criticism from Musk, who suggested their recommendations demonstrate a lack of understanding about Tesla’s business and technological objectives. The CEO expressed particular concern about being removed from leadership of robotics programs based on advice from advisors he considers unqualified.
The earnings call concluded with CFO Vaibhav Taneja defending the compensation package’s alignment with shareholder value. Taneja explained that the board committee structured the plan to ensure Musk receives payment only when investors achieve substantial returns, making multiple direct appeals for favorable votes from shareholders.
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