Tesla shareholders asked to reject Elon Musk's 'excessive' $56 billion pay
The research noted issues such as the "excessive data-size" of the compensation package, the dilutive effect on exercise, and the concentration of ownership. It also referenced Musk's "slate of extraordinarily time-consuming projects," which grew following his high-profile acquisition of X.
In January, Judge Kathaleen McCormick of Delaware's court of Chancery overturned the initial salary deal. Musk then tried to change Tesla's state of incorporation from Delaware to Texas.
Glass Lewis also opposed the projected relocation to texas as providing "uncertain benefits and additional risk" to shareholders. Tesla has asked shareholders to repeat their support of the remuneration.
In an interview with the Financial Times this month, Tesla's board chair Robyn Denholm said Musk deserves the compensation deal since the business met lofty revenue and stock price forecasts.
Musk became Tesla's CEO in 2008. According to an online campaign website, Vote tesla, he has helped improve performance in recent years, moving the business to a $15 billion profit from a $2.2 billion deficit in 2018, and producing seven times as many vehicles.