Tesla shareholders advised to reject Musk's $56 billion salary

The proxy advisory firm Glass Lewis has urged Tesla shareholders to reject Chief Executive Officer Elon Musk’s $56 billion pay package. The proxy advisory firm Glass Lewis said in a statement that it is urging Tesla shareholders to reject the $56 billion pay package for Chief Executive Officer Elon Musk, which if approved would be the largest pay package for a CEO in corporate America. The statement cited reasons including the “excessive size” of the pay deal, the dilutive impact on usage and the concentration of ownership. It also cited Musk’s “extraordinarily time-consuming projects,” which have expanded with his high-profile purchase of Twitter, now known as X. The pay package was proposed by Tesla’s board, which has repeatedly come under fire for its close ties to the billionaire. The package does not include a salary or cash bonus and is based on Tesla’s market value, which has risen to as much as $650 billion over 10 years starting in 2018. The company is currently valued at about $571.6 billion, according to LSEG data. In January, Delaware District Judge Kathaleen McCormick invalidated the pay package. Musk later tried to move Tesla’s home state from Delaware to Texas.