Elon Musk, the world’s richest person, used Tesla’s earnings call to make an emotional appeal for his trillion-dollar pay package, characterizing it as essential for maintaining his leadership of the company. Shareholders will determine the package’s fate at the November 6 annual meeting in Austin.
The earnings call had progressed through discussions of Tesla’s technological progress in AI, autonomous vehicles, and robotics before Musk’s dramatic conclusion. His decision to interrupt his own CFO to address the compensation issue underscored the personal significance he attaches to the shareholder vote.
Musk’s argument centered on achieving appropriate voting control to influence Tesla’s direction while maintaining accountability to investors. He acknowledged the importance of shareholder oversight by noting he shouldn’t have so much control that removal becomes impossible if his judgment fails.
Proxy advisory firms ISS and Glass Lewis became the focus of Musk’s criticism, with the CEO questioning their competence and alignment with shareholder interests. His passionate denunciation of their recommendations reflected his belief that external advisors threaten both his position and Tesla’s technological ambitions in robotics and AI.
The call concluded with CFO Vaibhav Taneja defending the compensation structure and its alignment with shareholder value creation. Taneja emphasized that the board committee designed the package to ensure Musk benefits only when investors see substantial returns, making multiple direct appeals for shareholder approval.