"The Tesla Inc. pay package for Elon Musk is overly generous and lacks clear performance metrics to justify the $1 trillion the world's richest person could earn under the automaker's proposal, New York State Comptroller Thomas DiNapoli said. The board oversight has not been as independent or as stringent as it should be. How many billions and trillions does one person need to make?"
"On an earnings conference call Wednesday, Musk pleaded with investors to approve the pay package and criticized the shareholder-advisory firms that have come out against the proposal. I 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 freaking clue, he said. Musk, 54, ranks No. 1 on the Bloomberg Billionaires Index with a net worth of about $455 billion."
Elon Musk's proposed Tesla compensation could award him up to $1 trillion contingent on market-value thresholds and operational milestones. New York State Comptroller Thomas DiNapoli called the package overly generous and said board oversight lacked independence and stringency. DiNapoli questioned how many billions or trillions one person needs and said clearer performance metrics are necessary to justify the payout. Institutional Shareholder Services and Glass Lewis recommended investors reject the proposal, citing concerns about the award's magnitude, design, and potential shareholder dilution. Tesla plans a shareholder vote on Nov. 6, and Musk urged investors to approve the package while criticizing advisory firms.
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