Ahead of Tesla Inc's (NASDAQ: TSLA) annual meeting, a major proxy advisory firm recommended that shareholders vote against CEO Elon Musk's substantial compensation package.
What Happened: Tesla's shareholders have been advised by a significant proxy advisory firm to reject a proposed $56 billion compensation package for Musk.
On Saturday, Glass Lewis & Co. issued a report recommending against the pay deal, citing its "excessive size" and potential dilutive impact, reported Bloomberg.
The firm highlighted Musk's numerous time-consuming projects outside Tesla, including his acquisition of the company Twitter, now known as X.
“Mr. Musk’s slate of extraordinarily time-consuming projects unrelated to the Company was well-documented before the 2018 grant, and only expanded with his high-profile purchase of the company now known as X,” Glass Lewis said in a report.
The ...