- Tesla shareholders approve a package of up to $1 trillion in stock for Elon Musk, conditional on 12 milestones.
- The plan envisions up to 423,7 million options and could raise its control above 25% if the goals are met.
- NBIM (Norway), Glass Lewis and ISS opposed it due to size and dilution, but support exceeded 75%.
- Key objectives: 8,5 trillion market capitalization, 20 million cars, 1 million robotaxis and 1 million Optimus robots.
The majority support of Tesla shareholders for the new compensation package puts Elon Musk one step closer to becoming the world's first billionaire Under the Anglo-Saxon metric: a plan in actions with a potential value of 1 trillion dollars, linked to a battery of extraordinarily demanding goals for the next decade.
The approval comes despite opposition from influential investors and advisors, and reinforces Musk's role at the helm of Tesla during its transition to the autonomous driving and roboticsIf the objectives are met, the manager could exceed the 25% shareholding control, significantly increasing its influence on major decisions.
What exactly has been approved
The plan consists of a multi-year option concession that could amount to 423,7 million shares to be unlocked in 12 installments. Does not include fixed salary or cash bonus: Musk's compensation depends entirely on milestone achievement capitalization and operating costs, with extended consolidation periods ranging from about seven years to a decade.
Its theoretical value would be around billion dollars if Tesla reaches a market capitalization of 8,5 billones, a bar that would imply a rise of around 466% compared to the current priceThe bar is set monumentally high and also easily surpasses the valuation of giants like Nvidia, which underlines the magnitude of the challenge for the coming years.
Goals: from self-driving cars to humanoid robots
Beyond capitalization, the plan links tranches to operational objectives that include manufacturing and delivery. 20 million vehicles, deploy 1 million robotaxisto reach the order of 10 million subscriptions to advanced driving functions and sell 1 million humanoid robots Optimus. These are ambitious projects, many of them still in development or testing phases.
Tesla's strategic approach is to move from "just selling electric cars" to marketing systems of large-scale autonomy and robotics. Musk has defined this stage as “a new book"for the company and has reiterated that it needs significant influence to push proposals such as a "great army" of humanoid robots into production."
The vote: support, opposition, and warnings
The proposal went ahead with slightly more than 75% of votes in favor, despite the fact that voting advice firms like Glass Lewis e ISS They recommended rejecting it due to its size, conditions, and potential. dilution for existing shareholders. Several US pension funds also opposed the proposal, arguing that the balance between power and control was not properly addressed.
In Europe, Norwegian sovereign wealth fund (NBIM), one of the continent's largest investors and a significant shareholder in Tesla, He announced his “no” due to governance issues and the size of the prize.This stance could influence other European players sensitive to ESG criteria. Even so, the shareholder base supported the idea that Musk's leadership is key to the roadmap for autonomy and robotics.
What changes in the company's control
If the milestones are reached, Musk would increase his stake above the 25%gaining a position of reinforced control over major strategic decisions. He himself has argued that he is not looking to "spend money," but rather to have access to sufficient voting power to ensure technological direction, while the structure maintains mechanisms to remove him in case of serious deviations.
The other side of the coin is that there is no net: If he doesn't deliver, he doesn't get paid.The design acts like "golden handcuffs," binding the executive to a decade-long execution with purely stock-based incentives. For some critics, it's "pay for power without sufficient control"; for its proponents, it's a lever to align value creation as closely as possible with the CEO's leadership.
Europe and Spain: Impacts and Regional Interpretation
NBIM's vote and the advisors' recommendations reflect European sensitivity towards the good governance and the balance between incentives and control. Meanwhile, the European electric vehicle market has become more complex, and in countries like SpainSome models have experienced slow months in registrations, adding pressure to production and delivery targets.
The move also reinforces Tesla's narrative as a platform for AI and autonomywith potential synergies with projects in Musk's ecosystem such as xAI or the Optimus robots. This shift in focus could have industrial and regulatory implications in the EU, where safety, competition, and consumer protection are viewed with particular scrutiny. magnifying glass.
With the plan's endorsement, Tesla accelerates into a decisive decade in which the success or failure of a few titanic goals It will determine whether Elon Musk enters the "billionaire" club and consolidates expanded control, or whether the lack of progress renders the megabonus worthless and reopens the debate about the Governance and the group's strategy.
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