Overview
- More than 75% of votes cast backed the package at Tesla’s annual meeting in Austin, according to the company’s general counsel.
- The award could grant Musk up to 423.7 million additional shares over the next decade, distributed in 12 blocks, with the first unlock at a $2 trillion market cap.
- Targets include reaching an $8.5 trillion valuation, delivering 20 million vehicles, deploying 1 million robotaxis and 1 million humanoid robots, and securing 10 million Full Self-Driving subscriptions alongside profitability milestones.
- The plan requires Musk to stay vested for at least 7.5 years and to help develop a succession framework, and full achievement would raise his stake to roughly 25%.
- Proxy advisers ISS and Glass Lewis and Norway’s sovereign wealth fund opposed the deal, which follows Delaware’s invalidation of Musk’s 2018 package and does not guarantee any payout without meeting the multi-year goals.