Overview
- Investors backed the multi‑year package with more than 75% support at the Austin annual meeting, making Musk eligible for up to about $878 billion in stock if goals are achieved.
- The award vests in 12 tranches linked to steep market‑value steps culminating at a $8.5 trillion capitalization by 2035 and to operational goals including one million robotaxis and one million humanoid robots.
- If fully vested, Musk’s stake would rise to roughly 25% from about 13–15% today, significantly increasing his voting power at Tesla.
- Passage followed Tesla’s move of its legal seat to Texas, which let Musk vote his roughly 15% holding, while major investors and proxy advisers such as Norway’s sovereign fund, ISS and Glass Lewis opposed the plan.
- Shareholders also re‑elected three directors and approved a replacement pay plan as an earlier award remains tied up in court, and Tesla shares gained in after‑hours trading.