Overview
- California’s CalPERS said it will vote against the plan, calling the package oversized and too concentrating of power in one shareholder.
- Proxy advisers ISS and Glass Lewis urged no votes, while Tesla’s board has been courting major holders including Vanguard, BlackRock and State Street.
- Board chair Robyn Denholm said she has told investors there is a high probability Musk would pull back if the award fails and that an internal CEO would be the most likely successor.
- The proposal grants 12 tranches of options only if aggressive goals are met, including an $8.5 trillion market value plus targets for vehicle deliveries, FSD subscriptions, robotaxis and Optimus robots.
- Positions are split, with Florida’s state investment board and other supporters backing the plan as unions and Democratic state officials campaign against it; online voting closes Nov. 5 ahead of the Nov. 6 meeting at Giga Texas.