Elon Musk seized control of Tesla’s earnings call to warn shareholders about what he considers misguided interference from proxy advisory firms regarding his trillion-dollar pay package. The passionate speech came ahead of the critical November 6 vote at Tesla’s annual meeting.
The quarterly earnings discussion had addressed Tesla’s technological initiatives in AI, robotaxis, and humanoid robots before Musk’s unscheduled intervention. His interruption of the CFO to address compensation issues demonstrated the personal importance he places on maintaining adequate control over the company.
Musk explained his need for sufficient voting influence to guide Tesla’s ambitious technology programs while remaining accountable to shareholders. His acknowledgment that he should be subject to removal if his judgment fails showed awareness of governance concerns while advocating for his position.
The Tesla CEO launched a direct attack on ISS and Glass Lewis, characterizing their recommendations as “asinine” and suggesting they lack proper understanding of Tesla’s business model. Musk particularly objected to the possibility of being removed from leadership of Tesla’s robotics initiatives based on their advice.
CFO Vaibhav Taneja provided the call’s final defense of the compensation arrangement, emphasizing its performance-based structure and alignment with investor interests. The CFO stressed that the board designed the package to ensure Musk benefits only when shareholders see substantial returns, making repeated appeals for approval.