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.
The report cited reasons like the "excessive size" of the pay deal, the dilutive effect upon exercise and the concentration of ownership.
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.
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