Tesla shareholders are hours away from deciding the fate of Elon Musk’s $1 trillion pay package.
Tesla’s annual shareholder meeting kicks off Thursday afternoon at 4 p.m. ET at the company’s headquarters in Austin. A limited number of shareholders were invited to attend in person.
Tesla investors are voting on multiple proposals. Chief among them is Musk’s pay package, which is contingent on achieving some lofty goals. To earn the full $1 trillion value, Musk must boost Tesla’s market cap to $8.5 trillion by 2035, sell 12 million vehicles a year, and deploy one million robotaxis and one million humanoid robots.
The pay package proposal has proven divisive.
Weeks ahead of the vote, proxy advisory firms ISS and Glass Lewis have both urged shareholders to reject the proposal.
Musk called the proxy firms “corporate terrorists” during Tesla’s recent earnings call, and board chair Robyn Denholm warned shareholders in an October letter that Musk could walk away from the company if they don’t approve his compensation.
Tesla’s shares have recovered from a sharp downturn earlier in the year, but its sales face an uncertain future after the end of the EV tax credit in the US and increased competition from other automakers.
