Overview

• The coalition, led by SOC Investment Group with support from New York City Comptroller Brad Lander, state treasurers from Nevada, New Mexico and Connecticut, and the American Federation of Teachers, filed a letter urging a no vote.
• They also asked investors to oppose the re-election of directors Ira Ehrenpreis, Joe Gebbia and Kathleen Wilson-Thompson, citing weak board independence from Elon Musk.
• The proposal, billed as performance-based and worth up to $1 trillion, has reported targets such as lifting Tesla’s market value to about $8.5 trillion, reaching $400 billion in annual earnings, producing 1 million Optimus robots, and delivering roughly 12 million EVs by 2035.
• Opponents argue the package risks share dilution and lacks a commitment from Musk to focus on Tesla, pointing to what they describe as a failure of real-time oversight.
• Tesla defended the plan on X as aligned with creating shareholder value and said Musk receives nothing without results, as the company reported record quarterly deliveries and some investors flagged demand risks tied to the U.S. EV tax credit expiration.