Overview
- The annual meeting in Austin will reveal preliminary results this afternoon on whether to grant Elon Musk a performance-based award tied to aggressive milestones.
- Musk can vote roughly 15% of Tesla’s shares under Texas law, and approval could eventually lift his voting power to more than 25% if targets are met.
- The plan ties 12 market-cap tranches up to $8.5 trillion to operational goals that include 20 million vehicle deliveries, 10 million active FSD subscriptions, 1 million robotaxis, and 1 million humanoid robots over the next decade.
- Proxy advisers ISS and Glass Lewis, Norway’s sovereign wealth fund, CalPERS, and New York’s pension fund oppose the package, while Florida’s state board, Schwab, Ark Invest, and Baron Capital expressed support as prediction markets put passage odds above 90%.
- Legal experts expect immediate shareholder lawsuits regardless of the outcome, while investors also weigh proposals on scrapping supermajority voting, investing in Musk’s xAI, political neutrality, and board elections.