Overview
- Roughly 75% of votes cast at Tesla’s Nov. 6 annual meeting in Austin backed the package, which grants no salary and pays only in stock tied to results.
- The plan unlocks in 12 steps starting at a $2 trillion valuation and topping out at $8.5 trillion, alongside goals such as 20 million vehicle deliveries, 10 million FSD subscriptions, and fleets of 1 million robotaxis and 1 million humanoid robots.
- If fully achieved, Musk would receive about 423 million additional shares, potentially lifting his stake from roughly 13% to about 25%, with awards vesting over ten years rather than as cash.
- The vote follows the Delaware court’s nullification of Musk’s 2018 award and Tesla’s shift to Texas with bylaws including a 3% ownership threshold for derivative suits, moves that make legal challenges more difficult.
- Proxy advisers ISS and Glass Lewis and major investors including Norges Bank and CalPERS opposed the deal, though partial progress on targets could still deliver Musk tens of billions in stock as Tesla prepares to file the approval with the SEC.