Overview
- Egan‑Jones recommended a yes vote under its Wealth‑Focus Policy but advised against the plan under other frameworks that emphasize governance and equity concerns.
- ISS and Glass Lewis urged rejection, calling the award excessively large and dilutive; Glass Lewis valued it at about $141.6 billion and estimated roughly 11.3% dilution if fully exercised.
- The proposal could grant up to about 423 million shares across 12 market‑cap and operational milestones, potentially lifting Musk’s stake to roughly 28.8% and exceeding $1 trillion in value if Tesla reaches an $8.5 trillion valuation.
- Tesla, including Chair Robyn Denholm, criticized proxy firms’ “one‑size‑fits‑all” analyses and urged shareholders to “vote yes to robots,” as Musk and supporters such as Cathie Wood said they expect the plan to pass.
- Following Tesla’s move to Texas, state law allows Elon and Kimbal Musk to vote their shares, with investors now watching today’s third‑quarter earnings and the Nov. 6 shareholder decision.