Overview
- Tesla chair Robyn Denholm urged approval of the package, saying there is “no Elon Musk 2” and cautioning that losing him would hurt shareholders.
- Denholm and other directors are meeting Vanguard, BlackRock and State Street this week to rally support before the Nov. 6 shareholder meeting.
- Proxy advisers Glass Lewis and ISS recommend voting no, labor groups and Democratic officials are campaigning against the award, while pension plans in Florida and Texas say they will support it.
- The proposal could be worth up to $1 trillion over a decade through stock options tied to steep milestones, with supporters citing targets like robotaxis, AI robots and a market value rising toward $8.5 trillion.
- The measure requires a majority of shares entitled to vote, including Musk’s stake, and critics are also seeking to oust three directors after a prior $56 billion award was struck down by a Delaware court.