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Tesla Inc (NASDAQ:TSLA) senior executives Ashok Elluswamy and Milan Kovac took to X over the weekend to rally for company CEO Elon Musk‘s $56 billion pay package.
What Happened: Elluswamy on Saturday wrote in a note on X that Musk has served as the key driver of AI and autonomy at Tesla from back in 2014 when Tesla autopilot driver assistance software was limited to a tiny computer that only had about 384 kb of memory and minimal compute.
“…Elon is critical for Tesla’s success in AI. It is his combination of deep technical understanding, insane perseverance and relentless hard work that have positioned Tesla to be a leader in real-world AI,” Elluswamy wrote.
“If not for Elon’s ambition, Tesla might have dwindled to become just another car company.”
While the note is in light of the upcoming shareholder vote on Musk’s rescinded pay package, the note is “personal” and he truly believes in everything he wrote, the Director of Autopilot software said.
Tesla bot engineer Kovac also took to X on the heels of Elluswamy to mark his confidence in the billionaire CEO.
“Whether at Tesla or not, I'd say the same: without Elon, none of any of these amazing things would have ever happened. I can only imagine what a lesser future we'd be living without his involvement and dedication,” Kovac wrote while also urging shareholders to vote.
Musk thanked the efforts of the two executives for their posts and their respective contributions to the company. He also said that he never asked Elluswamy to say anything, hinting that the executive wrote the post of his own accord. “…I had no idea he wrote this until I saw it 10 mins ago!,” Musk wrote.
Why It Matters: Musk’s 2018 pay package was rescinded by the Delaware Court of Chancery earlier this year, deeming it "an unfathomable sum." Tesla's board is now attempting to reinstate the rescinded pay package with another shareholder vote, the results of which will be declared at the company's annual shareholder meeting on June 13.
On Saturday, Musk stated that roughly 90% of retail shareholders who had voted thus far, voted in favor of his package and also for changing Tesla's state of incorporation from Delaware to Texas. Billionaire investor and CEO of Baron Capital, Ron Baron, has also expressed strong support for Musk’s substantial $56 billion compensation package.
However, proxy advisory firms Glass Lewis and Institutional Shareholder Services (ISS) have advised Tesla shareholders to vote against Musk's pay package, calling it "excessive."
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read More: Elon Musk's Boring Company Is Making A Tunnel At Giga Texas For Transporting Cybertrucks
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Posted In: TSLA
