08:34 AM EDT, 05/30/2024 (MT Newswires) -- Tesla (TSLA) issued a sharp response to Glass Lewis after the proxy advisory firm recommended that shareholders vote against CEO Elon Musk's multibillion-dollar compensation package in a report published recently.

In a letter titled, "What Glass Lewis Got Wrong About Tesla," the company said that Glass Lewis "omits key considerations, uses faulty logic, and relies on speculation and hypotheticals."

Tesla argues that Musk's compensation was based on a "risk vs. reward framework," and since he delivered on this commitment to Tesla, it is ethical for the company to do the same.

The company based its argument on the creation of over $735 billion market value for stockholders from 2018 to 2023 under Musk's leadership.

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