Overview
- Denholm has issued an urgent letter warning there is a high probability Musk would step back if the package fails and is meeting BlackRock, Vanguard, and State Street this week.
- Shareholders must vote by 11:59 p.m. ET on Nov. 5 before the Nov. 6 annual meeting, and the plan requires a majority of shares entitled to vote, with Musk’s roughly 15% stake counted in favor.
- The proposal could be worth up to $1 trillion over a decade through 12 tranches tied to milestones that include an $8.5 trillion market cap, 20 million vehicles, 10 million FSD subscriptions, one million robots, and one million robotaxis.
- Proxy advisers ISS and Glass Lewis recommend voting against the package, and Musk has criticized them as “corporate terrorists.”
- Positions are split, with backers such as Florida’s State Board of Administration and ARK Invest contrasted by opponents including New York State Comptroller Thomas DiNapoli and major unions, as critics also target three board seats and emphasize turnout and big asset-manager votes.