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Other concerns include "a lack of clarity on the board's plan" for Musk's future pay, ISS wrote, as per Reuters.
Tesla's EV business has been going downhill but CEO Elon Musk gives one reason to remain invested in the stock.
Black estimates that Tesla's earnings power may have been reduced by 48% by the price cuts implemented over the past 18 months.
Tesla again criticized the Delaware Chancery court's decision to nullify the pay plan as "fundamentally unfair and inconsistent with the will of the stockholders who voted for it."
He expects shareholders to overwhelmingly approve the pay plan in 2024, as 73% did in 2018.