Tesla shareholders advised to reject Musk's $56 billion pay

Proxy advisory firm Glass Lewis has advised Tesla shareholders to reject a $56 billion pay package proposed for CEO Elon Musk. If approved, the package would become the largest pay package for a CEO in corporate America. Glass Lewis cited concerns over the deal’s excessive size, dilutive effect upon exercise, and concentration of ownership. The firm also mentioned Musk’s involvement in time-consuming projects, including the purchase of Twitter. Tesla’s board of directors, which has faced criticism for its close ties with Musk, put forth the package. It does not include a salary or cash bonus but sets rewards based on the company’s market value increasing to $650 billion over ten years. Currently valued at around $571.6 billion, the package has faced opposition, mainly due to its size and potential risks to shareholders.