Guys, voting “against” Kaz at this annual meeting does not force him to leave as CEO of $OPEN…
What shareholders are actually voting on:
• Director elections: Three Class III directors (David Benson, Eric Feder, and Eric Wu). Kaz is not up for election this year (he’s Class II, term runs until 2028).
• Say-on-Pay: An advisory (non-binding) vote on executive compensation — this is the big one. ISS and Glass Lewis recommended voting against Kaz’s pay package.
• Auditor ratification (routine).
Kaz’s huge compensation is almost entirely performance-based PRSUs (tied to big stock price targets like $6+). It’s “say-on-pay,” so even if it fails, it’s advisory only — the board can still pay him.
@Yd__Te@LiebermanAustin@nejatian Yes i saw that. lie-berman is a passive short. he's trash. we can all see through him. I was just commenting on the actual vote and what it would do.
@Yd__Te@LiebermanAustin@nejatian no. the vote is around his compensation. If it fails then the board has to reconvene to alter future compensation. has nothing to do with removing kaz.
🚨 CRUCIAL 8 DAYS FOR OPEN ARMY🚨
let’s be real for a second: even if every single regular joe in the open army votes “for” kaz, it still might not be enough on its own. here is why contacting your broker is the actual cheat code.
institutions own ~60% of $open. and guess what? the people running those massive funds don't have time to research every single vote for every small tech company they hold. that is literally why they pay millions to iss and glass lewis; they buy their "expert" opinion as a checkbox so they don't have to think. left alone, they will just blindly follow whatever those advisors say.
but there is one thing those big institutions care about way more than a proxy checklist: losing customers and asset management fees.
when you message fidelity, schwab, or vanguard and say, "if you blindly follow iss and vote against kaz, i am pulling my entire life savings and moving to a competitor," it triggers alarms. customer service reps have to log those messages. when thousands of us do it, it forces the fund managers to actually stop, look at the vote, and realize that blindly checking the box is going to cost them millions in lost clients.
we aren't just voting our ~38% retail block. we are forcing the 60% institutional block to wake up and vote with us.
don't just click the vote button. make the call. put the pressure on. let's protect our company.
@DrJStrategy@scoopercooper Macklem also told people in 2022 that rates will stay low for a long time so go ahead and over leverage yourself. He is a 🤡.
The fundamental issue is that half of all publicly-traded shares are controlled by passive index funds who, for the most part, outsource their shareholder vote to the advisory firms of ISS and Glass Lewis.
ISS and Glass Lewis have no actual ownership themselves and often vote along random political lines unrelated to shareholder interests! This is a major problem that is not just limited to Tesla.
For example, they recommend voting against re-electing one of our excellent longstanding directors, Ira Ehrenpreis, for “insufficient gender diversity”, but, at the same time, also recommend voting against re-electing Kathleen Wilson-Thompson!
This is very important $open shareholders. You have to ask why ISS and glass lewis are trying to do this. @nejatian is the best ceo @Opendoor has ever had. The people who want this company to fail are behind this. Vote.
If you are an Opendoor shareholder, I have an ask.
Proxy advisors at ISS and Glass Lewis have recommended shareholders to vote against me at our Annual Meeting. I don’t take this personally. This is the fifth time in my career these same people have told people to vote against my team.
These proxy advisors have built no companies and are not meaningful shareholders of OPEN. They're a checkbox industry charging fees to tell other people what to do with shares that aren't theirs.
Usually most companies can’t do anything about this since many institutional shareholders will just vote the way ISS tells them to.
But Opendoor has the Open Army! It is important that we stand up against this separation of management from shareholders.
If you are so inclined, help tilt the world in favor of shareholders and away from bureaucrats.
Find out how (ask your broker, check your emails) and vote your shares. Our board is excellent. We are back on mission and we are winning.
Don't outsource your vote. Read the proxy. Vote your shares.
The fundamental issue is that half of all publicly-traded shares are controlled by passive index funds who, for the most part, outsource their shareholder vote to the advisory firms of ISS and Glass Lewis.
ISS and Glass Lewis have no actual ownership themselves and often vote along random political lines unrelated to shareholder interests! This is a major problem that is not just limited to Tesla.
For example, they recommend voting against re-electing one of our excellent longstanding directors, Ira Ehrenpreis, for “insufficient gender diversity”, but, at the same time, also recommend voting against re-electing Kathleen Wilson-Thompson!
The fundamental issue is that half of all publicly-traded shares are controlled by passive index funds who, for the most part, outsource their shareholder vote to the advisory firms of ISS and Glass Lewis.
ISS and Glass Lewis have no actual ownership themselves and often vote along random political lines unrelated to shareholder interests! This is a major problem that is not just limited to Tesla.
For example, they recommend voting against re-electing one of our excellent longstanding directors, Ira Ehrenpreis, for “insufficient gender diversity”, but, at the same time, also recommend voting against re-electing Kathleen Wilson-Thompson!