Elon Musk’s fears of being ousted after “building a robot army” dominated his fiery, unscheduled speech at the end of a Tesla earnings call. The CEO interrupted his CFO to plead with investors to approve his $1 trillion pay package.
The call, which had previously been a “ho-hum” discussion of AI and robotaxis, took a dramatic turn as Musk, the world’s richest person, launched his appeal. The package’s fate will be decided on Nov. 6 at the annual shareholder meeting in Austin.
Musk’s anxiety seems to stem from advisory firms ISS and Glass Lewis, which he attacked directly. He called their recommendations against the plan “asinine” and said the firms “have no freaking clue” about what’s best for shareholders.
Musk argued the package was essential to giving him “enough voting control to give a strong influence” over Tesla’s ambitious projects. However, he also acknowledged the need for checks, adding he shouldn’t have so much control that he “can’t be fired if I go insane.”
Following Musk’s interruption, CFO Vaibhav Taneja closed the 75-minute call. Taneja defended the board’s proposal, stating it was performance-based and ensures Musk only benefits after shareholders see “substantial returns.” He urged investors to “yes.”