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Shareholders may reject Elon Musk's $56 billion pay package

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Consulting firm Glass Lewis said Saturday it has urged Tesla shareholders to reject CEO Elon Musk's $56 billion pay package. About this the Reuters.

The Glass Lewis report cites the argument for "excessive" pay, the dilutive effect of stock rights and ownership concentration. The report also mentions Musk's "highly labor intensive project list," which has expanded since his high-profile purchase of Twitter, now known as X.

The pay package was reportedly proposed by Tesla's board of directors, which has repeatedly come under fire for its close ties to Musk. The package does not include a salary or cash bonus, but instead sets compensation based on Tesla's market value, which is expected to grow to $650 billion over 10 years starting in 2018. The company is currently valued at approximately $571,6 billion, according to LSEG.

The proxy advisor also recommended that shareholders vote against the re-election of board member Kimbal Musk, Elon Musk's brother, while former 21st Century Fox CEO James Murdoch was recommended for re-election.

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