Proxy Firm Glass Lewis Is Against Elon Musk's Proposed $1 Trillion Tesla Pay Package
Glass Lewis, a proxy-advisory firm, said Elon Musk’s $1 trillion Tesla pay package "warrants significant shareholder concern," reports Business Insider.
The pay package would give Musk the chance to receive 423 million shares, as long has met certain requirements. These requirements include 12 operational milestones and Tesla’s valuation rising to $8.5 trillion in 10 years.
Glass Lewis published a 90-page report where it explained why it is opposed to this pay package. Business Insider looked over the report and found some points of contention that Glass Lewis pointed out.
The proxy firm estimated that shareholders’ ownership could potentially be cut by 11.3%. They also pointed out that reaching some of the operational milestones would not be tough for Musk.
Glass Lewis joins the Institutional Shareholders Services in openly advising against this $1 trillion pay package.
Tesla responded to both of these firms on its social media.
https://x.com/Tesla/status/1980257694713098636?embedable=true
Photo by Austin Ramsey on Unsplash
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