Overview
- The Austin meeting delivered more than 75% support for the plan, according to a company announcement at the event.
- Tesla’s SEC-filed proxy outlines a 10-year package split into 12 tranches that vest only when specified valuation and operational hurdles are reached.
- Targets include market value rising to $8.5 trillion, production of 20 million vehicles, 10 million Full Self Driving subscriptions, 1 million Optimus robots, 1 million robotaxis, and $400 billion in profits over four consecutive quarters, which Tesla says will be extraordinarily difficult.
- Major institutions such as Norway’s sovereign wealth fund and CalPERS voted against, while Vanguard, BlackRock and State Street were seen as pivotal to approval.
- If fully earned, the award would grant roughly 423 million shares to Musk, potentially lifting his stake to about 29–30% and reinforcing his control following Tesla’s legal shift to Texas after Delaware voided his 2018 pay plan.