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Investing.com -- Proxy firm Glass Lewis has recommended that Tesla shareholders vote against the proposed $1 trillion pay package for CEO Elon Musk, adding to mounting pressure on Tesla’s board ahead of a November 6 shareholder meeting.
This recommendation comes just days after Institutional Shareholder Services (ISS) also urged investors to reject what could become the largest compensation plan ever awarded to a company executive.
Glass Lewis expressed significant concerns about the potential dilution to shareholders and other terms of the proposed pay plan. This renewed scrutiny follows a Delaware court’s earlier decision to void Musk’s previous $56 billion pay package.
Tesla responded critically to the recommendations, posting on X: "Glass Lewis has followed ISS and issued another misguided recommendation that again disregards the fundamental purpose of public companies and who they serve – the shareholders."
The company defended its compensation structure by noting that "shareholders who followed the proxy advisors’ recommendations may have missed out on our market capitalization soaring by 20x from March 2018 to August 2025."
Both proxy advisory firms had recommended against Musk’s pay package last year as well, describing the compensation as excessive.
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