A standard Tesla earnings call discussing Optimus robots and AI initiatives took a sharp turn into high drama. Near the 75-minute mark, CEO Elon Musk cut off his CFO to launch an impassioned defense of his proposed $1 trillion pay package.
This “fiery ending” was entirely focused on the upcoming shareholder vote on November 6. This meeting in Austin will decide the fate of the massive compensation plan, which has drawn criticism from major advisory firms.
Musk, the world’s richest person, took direct aim at proxy advisory firms ISS and Glass Lewis. He accused them of not understanding the company or shareholder interests. “I just don’t feel comfortable building a robot army here and then being ousted because of some asinine recommendations from ISS and Glass Lewis who have no freaking clue,” Musk said.
Beyond attacking critics, Musk argued the package was necessary to ensure he has “enough voting control” to maintain a “strong influence” over Tesla’s future, especially its AI and robotics ambitions. He balanced this desire for power by noting he didn’t want so much control that he couldn’t be “fired if I go insane.”
Tesla’s CFO, Vaibhav Taneja, concluded the call by echoing the board’s support. Taneja emphasized that the compensation committee structured the deal to be performance-based. He assured listeners that Musk only profits if shareholders see substantial returns and repeatedly urged them to ratify the plan.