ISS cited the "astronomical" size of the grant, potential dilution for investors and limited board flexibility, valuing the stock-based award at about $104 billion, according to the reports.

Tesla dismissed the recommendation, saying ISS "completely misses fundamental points of investing and governance" and that Musk "receives nothing unless shareholders win big."

Tesla shareholders are set to vote on the plan on Nov. 6.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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