Tesla Shareholders Should Reject Musk’s Pay, Glass Lewis Says

Tesla Inc. shareholders are being urged by a major proxy advisory firm to reject a proposed $56 billion pay package for Chief Executive Officer Elon Musk, in a blow to the electric-vehicle maker’s board.

Glass Lewis & Co.made its recommendation in a report released Saturday, citing the “excessive size” of the pay deal and the dilutive effect upon exercise.

“Mr. Musk’s slate of extraordinarily time-consuming projects unrelated to the Company was well-documented before the 2018 grant, and only expanded with his high-profile purchase of the company now known as X,” Glass Lewis said in the report.

The recommendation ...