Overview
- Tesla said roughly 75% of votes cast at its Austin annual meeting backed the package, after which Musk appeared on stage with Optimus robots to thank supporters.
- The plan unlocks stock in stages tied to steep milestones, including lifting market value to $8.5 trillion, delivering 20 million vehicles, deploying large fleets of robotaxis and Optimus units, and reaching up to $400 billion in adjusted profits.
- Full achievement would add about 12 percentage points to Musk’s ownership, potentially taking his stake to roughly 25–29% and increasing his voting control.
- Proxy advisers ISS and Glass Lewis and major investors such as Norway’s sovereign wealth fund and CalPERS opposed the award, while Tesla’s board mounted a hard push for approval and warned of losing Musk’s leadership.
- Shareholders reelected directors and gave a nonbinding nod to a potential Tesla investment in xAI with many abstentions as the board reviews next steps; market reaction was mixed, with shares slipping on Friday.