Musk currently holds a 13% stake in Tesla after various share sales over the past couple of years. Most of the share sales were used for funding his purchase of Twitter, now X, in 2022.<\/p>\n
Near the end of the conference call, when CFO Vaibhav Taneja asked for Tesla shareholders to approve Elon Musk\u2019s compensation plan (which he also claimed shouldn\u2019t be called a \u201ccompensation package\u201d), Musk chimed in again.<\/p>\n
\u201cThe point is that I just, like, there needs to be enough voting control to give a strong influence, but not so much that I can’t be fired if I go insane. I think that sort of number is in the mid-20s, approximately,\u201d he said.<\/p>\n
Then Musk went on the warpath against his current nemesis: proxy adviser firms.<\/p>\n
\u201cI just don’t feel comfortable building a robot army here and then being ousted because of some asinine recommendations from ISS and Glass Lewis, who have no frigging clue. I mean, those guys are corporate terrorists,\u201d he said, referring to the two proxy adviser firms that have recommended that shareholders reject Musk\u2019s latest proposed pay package.<\/p>\n Musk\u2019s past pay package from 2018 is embroiled in a lawsuit in Delaware, where shareholders alleged they\u00a0didn\u2019t have enough information\u00a0to properly vet the compensation awarded by the board, and a trial judge agreed. The Delaware Supreme Court is currently weighing the merits of Tesla\u2019s appeal.<\/p>\n Even if Musk\u2019s prior package is invalidated, analysts believe Musk\u2019s new package, which could be worth as much as $1 trillion, will be approved by shareholders.<\/p>\n \u201cWe note that the company will vote (we believe will be approved by a wide margin despite some opposition) on Musk\u2019s pay package at the November 6th shareholder meeting which will be incremental to keeping Musk as a war-time CEO as the company enters a critical inflection point,\u201d Wedbush analyst Dan Ives wrote in a note published after the conference call.<\/p>\n \u201cLooking ahead, focus shifts to the upcoming [annual general meeting] on Nov 6 \u2014 we believe the stock could rally into the event. Not only will this be a critical event in validating Elon Musk\u2019s engagement with Tesla (and we expect his comp plan to be approved), but we also believe the event is likely to serve as another reminder of the growth opportunity ahead,\u201d Barclays\u2019 analyst Dan Levy said on Thursday.<\/p>\n<\/span><\/div>\n<\/div>\n<\/div>\n