Overview
- Board chair Robyn Denholm told shareholders in a letter that Elon Musk may exit his executive role if the proposed compensation is not approved.
- Investors vote at the Nov. 6 annual meeting, with ballots due by midnight on Nov. 5, making the decision a near-term test for the company.
- The proposal grants 12 tranches of stock options tied to long‑term financial and technology milestones, including a market value target of $8.5 trillion plus advances in autonomy, robotaxis and humanoid robots.
- Denholm framed the plan as essential to retain Musk for roughly seven and a half more years, warning that losing him could erode Tesla’s market value.
- Glass Lewis and ISS recommend rejection, with Glass Lewis estimating the plan could issue up to 432 million new shares and lift Musk’s stake toward 30%, while a Delaware court earlier voided his 2018 pay plan over independence concerns.