Tesla’s earnings call concluded with a fiery, off-the-cuff speech from CEO Elon Musk, who interrupted his own CFO to lobby for his $1 trillion pay package. This appeal comes just weeks before a critical shareholder vote on the matter.
The vote is scheduled for Tesla’s annual meeting on November 6 in Austin. Musk, the world’s richest person, is clearly concerned about the outcome, as he spent his time attacking prominent proxy advisory services that have opposed the plan.
Musk called the recommendations from ISS and Glass Lewis “asinine,” adding that the firms “have no freaking clue.” He argued they are not acting in shareholders’ interests and could jeopardize his leadership as he is “building a robot army.”
In a moment of candor, Musk explained his desire for voting control. “I just think that there needs to be enough voting control to give a strong influence,” he said. “But not not so much that I can’t be fired if I go insane.”
CFO Vaibhav Taneja closed the 75-minute call by reiterating the board’s support. He argued the compensation package was carefully structured to align Musk’s pay with “substantial returns” for shareholders and pleaded with investors to vote in favor.