Tesla’s earnings call concluded with Elon Musk launching into an unscripted attack on proxy advisory firms while advocating for his trillion-dollar compensation package. The dramatic conclusion came as shareholders prepare to vote on the controversial plan at the November 6 annual meeting.
The quarterly earnings discussion had covered Tesla’s advances in artificial intelligence, robotaxi technology, and humanoid robotics before Musk’s intervention. His decision to commandeer the call’s ending demonstrated the urgency he feels about securing shareholder support for his pay package.
Musk articulated his position that he needs meaningful voting control to guide Tesla’s strategic initiatives while remaining subject to shareholder oversight. His self-deprecating comment about being subject to dismissal if he “goes insane” added levity to a discussion about serious governance issues.
The CEO’s harshest words were reserved for ISS and Glass Lewis, whom he accused of lacking understanding of Tesla’s business and issuing recommendations contrary to shareholder interests. Musk specifically expressed concern about being removed from leadership of Tesla’s robotics programs based on their advice.
CFO Vaibhav Taneja attempted to provide a measured conclusion by explaining the compensation package’s performance-based structure. He emphasized that the board designed the plan to perfectly align Musk’s financial interests with shareholder returns, ensuring Musk receives compensation only when investors benefit substantially. The CFO made repeated appeals for favorable votes.