Musk Defends $1 Trillion Tesla Pay Ahead of Vote

On an earnings call, Elon Musk defended a proposed up-to-$1 trillion, 10-year Tesla pay package that he says is meant to secure sufficient voting influence to steer the company’s push into AI, robotaxis and humanoid robots rather than to fund personal spending. He called proxy advisers Institutional Shareholder Services and Glass Lewis “corporate terrorists” for urging investors to reject the plan. The package could raise his stake to roughly 29% and is tied to extreme performance milestones, including an $8.5 trillion market capitalization target and millions of vehicle and robot sales. ISS and Glass Lewis warned the plan would create dilution and permit unchecked future pay increases, while Tesla’s board and some investors defended it and warned that rejection could cost Musk’s full involvement. The dispute follows a quarter in which Tesla reported record sales but missed profit estimates, and shareholders are scheduled to vote on the proposal on Nov. 6.