Investor Cathie Wood, a longtime Tesla bull known for first investing in the company a decade ago at $13 per share, condemned the growing resistance to Tesla CEO Elon Musk’s potential $1 trillion pay package. Over the weekend, the ARK Invest CEO suggested the financial system that’s enabling the pushback against it is the one with the problem, not the company that wants to make the world’s richest man richer by such a magnitude.
Wood said in a Sunday post on X that it was “sad if not damning” that proxy advisory firms, which make recommendations for how shareholders should vote during companies’ annual meetings, have so much influence. Wood’s comments come after two of the most important proxy firms, Institutional Shareholder Services (ISS) and Glass-Lewis, urged shareholders to reject during Tesla’s annual meeting on Nov. 6 the giant pay package that would give the world’s richest man 29% of the company, up from about 13% now.
