Tesla’s latest earnings call took an unexpected turn when CEO Elon Musk interrupted his own CFO to make a desperate plea for his $1 trillion pay package. This dramatic interruption shifted the focus from Tesla’s AI projects to Musk’s personal compensation.
The fiery speech came at the tail end of a 75-minute call, just before it concluded. Musk is rallying support ahead of a crucial shareholder vote at the company’s annual meeting in Austin on November 6, which will decide the fate of the massive package.
Musk, the world’s richest person, argued that the package was necessary to ensure he has “strong influence” and voting control. He candidly added, “But not not so much that I can’t be fired if I go insane,” suggesting a balance between power and accountability.
A prime motivator for Musk’s outburst appeared to be the opposition from proxy advisory services. He blasted ISS and Glass Lewis, stating they “have no freaking clue” and are making “asinine recommendations.” He expressed frustration at the idea of “building a robot army” only to be “ousted” by them.
CFO Vaibhav Taneja had the last word, defending the board committee’s proposal. Taneja stressed that the plan is structured so Musk sees no benefit “unless shareholders make substantial returns” and urged investors to vote “yes.”
