Elon Musk has defended his position as the Tesla Inc. (NASDAQ:TSLA) CEO amid ISS opposition to the new trillion-dollar pay package set for a vote during next month's shareholder meeting. The ISS, or Institutional Shareholder Services, is a proxy advisory firm that provides advice regarding shareholder votes and is a leading enterprise in the industry.
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‘Tesla Worth More Than Competition' Says Elon Musk
On Saturday, Romain Hedouin, a user on the social media platform X, criticized Musk's multi-billion-dollar payout for reaching a part of the milestones laid out in the new pay package.
Hedouin, a self-proclaimed Tesla "fan," said that Musk would be paid over $20 billion for taking the EV giant to a 2 trillion market capitalization within the next decade, a 3.8% annual growth, according to him.
"That would barely beat inflation, and it would underperform the S&P 500 considerably," Hedouin said, adding that the new pay package would be "over-pay for its CEO."
Responding to the post, Musk defended his position as the CEO of the company on Sunday.
"Tesla is worth more than all other automotive companies combined," he said in his response, questioning which of the other CEOs Hedouin would like to see take Musk's position and "run” Tesla. "It won't be me," Musk added.
It’s worth noting that Tesla’s current market capitalization is over $1.4 trillion and the EV giant is the largest automaker in the world by market capitalization today.
For context, it is worth more than the combined market cap of the three largest automakers in the world after Tesla, which are Toyota Motor Corp (NYSE:TM), Xiaomi Corp (OTC:XIACF) (OTC:XIACY) and BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF). The combined market cap for the trio is roughly $541 billion currently, less than half of Tesla’s total.
NHTSA's FSD Scrutiny, Tesla's Appeal To Delaware Supreme Court
The comments come as Tesla has been under the scrutiny of the NHTSA, which announced a probe into the automaker's Full Self-Driving (FSD) technology after it received multiple reports of violations committed by the FSD system.
However, some experts, like Deepwater Asset Management investor Gene Munster, believe the agency’s probe into Tesla could actually be good for the company as it showcases Tesla's efforts to develop the technology.
Meanwhile, Tesla urged the Delaware Supreme Court to restore Musk's previous $56 billion pay package, which was struck down by a judge last year. Lawyers representing the company reiterated that the shareholder vote ratifying Musk's pay package was “the most informed stockholder vote in Delaware history."
Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. Tesla also offers a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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