Overview
- Roughly 75% of votes at Tesla’s Austin annual meeting backed the package, which now moves to implementation and required SEC filings.
- The plan grants up to 423.7 million shares in 12 tranches tied to targets that include 20 million vehicles, 1 million robotaxis, 10 million Full Self-Driving subscriptions and 1 million humanoid robots.
- Market-value hurdles start at a $2 trillion capitalization and step up in stages to $8.5 trillion, with Musk receiving stock only as milestones are met and no cash salary.
- Proxy advisers ISS and Glass Lewis and major holders such as Norway’s sovereign wealth fund and CalPERS opposed the deal over scale and governance concerns, while retail holders helped secure approval.
- The award follows a Delaware court’s rejection of Musk’s 2018 pay plan and Tesla’s reincorporation in Texas, and analysts note partial achievement could still yield tens of billions in stock.