Musk Pay Vote Draws Major Investor Opposition

Tesla shareholders will vote on Nov. 6 whether to approve a 10-year compensation plan that could award Elon Musk up to about $1 trillion in stock and boost his stake to nearly 29% if exceptionally ambitious targets are met. The package ties awards to milestones including lifting Tesla’s market value to roughly $8.5 trillion and delivering about 1 million autonomous robotaxis and 1 million Optimus humanoid robots. Proxy advisory firms ISS and Glass Lewis have recommended voting against the plan, and major institutional investors including Norway’s $2.1 trillion sovereign wealth fund and CalPERS have opposed it over size, dilution and weak governance safeguards, while supporters such as Cathie Wood and Florida’s State Board of Administration have backed the proposal. Tesla Chair Robyn Denholm has urged shareholders to approve the package, warning Musk may resign if it’s rejected. Betting markets, Musk’s voting power and a large retail base make passage appear likely despite concerns about board independence — critics note the board includes Musk’s brother and that the board could still grant portions of the award even if some targets are missed.