sweet that Tesla is offering this, no other company has this many dedicated and caring people who cheer on the company and support Elon Musk
we want Elon to receive his just and fair compensation, this tour offering shows the heart of this company, and the high level of sincerity… pic.twitter.com/y7Q3O0tezv— Gail Alfar (@GailAlfarATX) May 28, 2024
Tesla has sharply criticized the advisory firm Glass Lewis for recommending that shareholders vote against CEO Elon Musk’s $55 billion compensation package. In a letter to shareholders, Tesla accused the firm of “scaremongering” and using “faulty logic.”
Glass Lewis recently described the pay package as “excessive” and advised investors to reject Tesla’s plan to move its incorporation from Delaware to Texas. Tesla argued that rescinding the compensation award is “absurd” and accused Glass Lewis of ignoring significant market value created for investors between 2018 and 2023.
"At Tesla, we build our cars with love, we really care, We are not perfect but we pour all our hearts and souls to create a good product, we are doing everything we can to make it as fast as possible and as good possible. We really care."
– Elon Musk (ER call on Oct 24, 2018) pic.twitter.com/AgtynYC3Hk
— Teslaconomics (@Teslaconomics) May 27, 2024
The response comes ahead of a crucial shareholder meeting where Tesla is seeking approval for both the compensation plan and the moving of its incorporation. Tesla has been encouraging shareholder participation, offering perks such as a tour of the Texas Gigafactory with Musk in exchange for proof of voting.
Tesla disputes Glass Lewis over pay
Institutional investors have increasingly scrutinized Tesla’s proposals.
If you voted your TSLA shares, you have the chance to attend our Giga Texas tour with @elonmusk & @woodhaus2 as your guides → https://t.co/DrGCyD4xQN
— Tesla (@Tesla) May 28, 2024
The CEO of CalPERS, the largest public pension fund in the US, announced plans to vote against the compensation package. A group of shareholders also filed a letter with the Securities and Exchange Commission urging investors to oppose the re-election of James Murdoch and Kimbal Musk to Tesla’s board. Tesla maintains that the compensation package is essential for its future success and has engaged in extensive efforts to garner support for the plan. A request for comment from Glass Lewis went unanswered.
