Tesla shareholders have overwhelmingly voted to approve CEO Elon Musk’s unprecedented $1 trillion compensation package, marking the largest executive pay plan in history. The vote, which took place at the company’s annual meeting in Austin, Texas, saw 75% of shareholders in favor, signaling strong support for Musk’s leadership amid ongoing legal battles over his previous pay deal.
The new package, proposed in September, grants Musk up to approximately 12% of Tesla’s stock, subject to stringent performance restrictions. This could be valued at around $1 trillion if the electric vehicle giant achieves a staggering market capitalization of $8.5 trillion and meets other operational milestones over the next decade. Currently, Tesla’s market value stands at about $1.45 trillion, with Musk already holding roughly 13% of the company’s outstanding shares.
This approval comes against the backdrop of uncertainty surrounding Musk’s 2018 compensation plan, originally valued at $56 billion but voided by a Delaware judge in January 2024. That ruling remains tied up in litigation, prompting Tesla’s board to push for this revised structure to secure Musk’s continued commitment.
Expressing gratitude during the meeting, Musk stated, “I’d like to just give a heartfelt thanks to everyone who supported the shareholder votes.” He also praised the board for its “immense support,” adding a lighthearted note that Tesla’s shareholder meetings “are bangers” compared to the typically dull corporate gatherings.
Tesla Board Chair Robyn Denholm had previously warned investors of the risks if the package failed to pass. In a letter to shareholders, she emphasized the need to retain Musk’s focus, asking, “Do you want to retain Elon as Tesla’s CEO and motivate him to drive Tesla to become the leading provider of autonomous solutions and the most valuable company in the world?”
Denholm cautioned that without an equitable pay-for-performance plan, Tesla could lose Musk’s “time, talent and vision,” which have been pivotal in delivering exceptional returns.
Musk himself addressed the issue on a recent earnings call, stressing his desire for sufficient voting control “to give a strong influence, but not so much that I can’t be fired if I go insane.”
Despite broad support, the plan faced opposition from some quarters. Norway’s sovereign wealth fund, Tesla’s sixth-largest external investor, announced it would vote against the package, citing concerns over its size, potential dilution, and insufficient mitigation of key person risk. Proxy advisory firms Glass Lewis and ISS also recommended rejection.
This isn’t the first time shareholders have weighed in on Musk’s pay. Last year, they voted to reinstate his 2018 package—with 77% approval—though it was valued at about $44 billion at the time due to stock price fluctuations.
Tesla shares have risen over 17% this year, reflecting investor confidence in the company’s trajectory under Musk’s guidance. The approval of this pay package underscores shareholders’ belief in his ability to propel Tesla toward ambitious goals in electric vehicles, autonomous driving, and beyond.
As Tesla continues to navigate competitive pressures in the EV market and regulatory hurdles, this vote solidifies Musk’s position at the helm of one of the world’s most innovative companies.
For Emergency Preparedness, Don’t Forget the Meds
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