Tesla(US:TSLA) Xin Lang Cai Jing·2025-09-07 09:15Core Viewpoint - The article discusses Elon Musk's ambitious new compensation plan for Tesla, which is essentially a high-stakes wager on the company's future performance and market value, raising questions about corporate governance and shareholder trust [3][34]. Group 1: Compensation Plan Details - Musk's new "2025 Performance Award Plan" is a wager that requires him to meet two conditions: achieving a company market value of $2 trillion and ultimately $8.5 trillion, which translates to creating nearly $7.5 trillion in shareholder value with a compound annual growth rate of 22.7% [8][10][11]. - The operational targets include achieving an adjusted EBITDA of $400 billion, delivering 20 million vehicles, activating 1 million Full Self-Driving (FSD) users, delivering 1 million humanoid robots, and operating a fleet of 1 million autonomous taxis [12][13][14][15][16]. Group 2: Legal and Governance Context - The plan is partly a response to a previous legal ruling that invalidated a $50 billion compensation package due to procedural flaws in its approval process, highlighting the influence of a small shareholder in the legal outcome [18][22]. - Following this, Musk moved Tesla's registration from Delaware to Texas, implementing a "poison pill" clause that requires shareholders to own at least 3% of shares to sue the board, effectively raising the barrier for legal challenges [26][27]. Group 3: Shareholder Implications - The board has framed the compensation plan as a gamble where if Musk fails, he receives nothing, while shareholders could see their investments grow by up to 670% if he succeeds, albeit at the cost of a 12% dilution of their shares [28][30]. - The vote on this plan transcends financial implications, representing a choice between traditional corporate governance and Musk's vision for the future of Tesla, which is heavily tied to AI and robotics [32][39]. Group 4: Strategic Outcomes - The plan signifies Musk's consolidation of power, as the move to Texas and the new bylaws effectively shield him from small shareholder challenges, allowing him to pursue his strategic vision without significant oversight [35][36]. - The approval of the plan also indicates shareholder endorsement of Musk's shift from an automotive company to an AI and robotics platform, suggesting a new valuation paradigm based on futuristic ambitions rather than traditional profit metrics [38][39].