(MENAFN- AsiaNet News)

• CFO Vaibhav Taneja stated that no CEO works as hard as Musk. 
• Musk backed his new pay package on Tesla's earnings call last month, saying that he needs enough voting control to have a strong influence at the company.
• Results of shareholders' vote on Musk's package are slated to be announced at the company's annual shareholder meeting on Thursday.  

Tesla CFO Vaibhav Taneja on Tuesday reiterated his support for CEO Elon Musk's $1 trillion pay package, while urging shareholders to vote ahead of the company's annual shareholder meeting slated for Thursday.

“Tesla can be the most valuable company and it can only get there under Elon's leadership!!” Taneja wrote in a post on X.“There is no CEO who works as hard as Elon and as a shareholder you have the opportunity to vote on the future of Tesla, a future of sustainable abundance for all,” he added.

Screenshot of Taneja's post on X

This is not the first time that Taneja has openly called upon shareholders to vote in favor of Musk's new proposed package.

During Tesla's earnings call last month, Taneja stated that the board's compensation committee had designed the proposal so that Musk would only benefit if shareholders achieved substantial returns and urged investors to support the plan.

Employees' Take

Other Tesla employees who have voiced their support for Musk's pay package so far include Vehicle Operations leader Hrushikesh Sagar and AI lead Ashok Elluswamy.

Sagar highlighted Musk's achievements in getting the company through manufacturing several vehicle models, including the Cybertruck, and termed Musk“critical” to the company's mission.

Screenshot of Sagar's post on X

Elluswamy, meanwhile, said that Tesla is at a“critical juncture” as it moves into robotics in addition to car manufacturing.

“Creating large-scale, useful robots requires expertise across engineering design, manufacturing, real-world AI software, chips for AI, and more. Elon is, quite likely, the only person on Earth with deep skills and the right instincts across all these domains,” Elluswamy wrote.

Screenshot of Elluswamy's post on X

Musk's Take

Musk himself backed his new pay package on the earnings call last month, saying he needs enough voting control to have a strong influence at the company.

“Like I said, 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 frigging clue,” Musk said, referring to proxy firms that have recommended that shareholders vote against the package.

The Proposed Package

Tesla proposed a new compensation package for Musk, valued at approximately $1 trillion, in September. According to the new pay plan, Musk will receive no salary but will be awarded up to 423.7 million shares of Tesla in installments over 10 years, contingent upon the company meeting certain milestones, including increases in earnings, vehicle deliveries, robotaxis, and humanoid robots.

The new package is designed to deliver approximately 12% more voting power to Musk in exchange for driving performance growth, including by taking the company's total market capitalization to $8.5 trillion. Tesla shareholders must now approve the package, and the results of the shareholder vote will be announced at the company's annual meeting of shareholders on November 6.

Musk's previous pay package, initially approved in 2018 and valued at over $50 billion, was voided by a Delaware court, which deemed it excessive, last year. Musk appealed the court's order in March, and Tesla established a special committee to consider matters concerning Musk's pay, including evaluating a new pay package.

Tesla board chair Robyn Denholm has previously warned that Musk could leave the company if the new package is not approved.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around TSLA stock stayed within the 'bearish' territory over the past 24 hours, while message volume stayed at 'low' levels.

TSLA stock is up 10% this year and approximately 77% over the past 12 months.

Read also: Tesla Looks To Hire Senior Insurance Claims Specialist To Manage Incident Reporting For Robotaxis

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