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Tesla shareholders advised to reject Musk's $56 billion pay

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Proxy advisory firm Glass Lewis said on Saturday it has urged Tesla shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America.

The report cited reasons like the"excessive size" of the pay deal, the dilutive effect upon exercise and the concentration of ownership. It also mentioned Musk's"slate of extraordinarily time-consuming projects" which have expanded with his high-profile purchase of Twitter, now known as X.

In January, Judge Kathaleen McCormick of Delaware's Court of Chancery voided the original pay package. Musk then sought to move Tesla's state of incorporation to Texas from Delaware. Musk became Tesla CEO in 2008. In recent years, he has helped improve results, taking the company to a $15 billion profit from a $2.2 billion loss in 2018 and seven times more vehicles have been produced, according to an online campaign website, Vote Tesla.

 

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