硅谷观察：特斯拉董事会造了根金链子，要给马斯克万亿美元

Core Viewpoint - Elon Musk has the opportunity to become the world's first trillionaire, contingent on his continued leadership at Tesla for the next ten years and achieving ambitious performance and market capitalization targets [2][12]. Group 1: Compensation Plan - Tesla's board has proposed a new compensation plan for Musk, which will be voted on at the upcoming shareholder meeting [3]. - If Musk meets all performance targets, he could earn up to $900 billion in Tesla stock options, effectively doubling his stake in the company [6][12]. - The plan requires Musk to lead Tesla to a market cap of $8.5 trillion over the next decade, which is more than double the current highest market cap of Nvidia [8][10]. Group 2: Shareholder Dynamics - Tesla has a high retail investor ownership rate of 42%, significantly higher than competitors like Google and Meta, which have less than 20% [5]. - Retail investors have historically supported Musk's high compensation due to their belief in his vision for the company [5]. Group 3: Operational and Market Milestones - Musk must achieve several operational milestones, including delivering 20 million vehicles and reaching $400 billion in adjusted EBITDA [10][11]. - The milestones are structured in a way that each achievement will unlock additional stock options for Musk [9][11]. Group 4: Business Strategy and Future Outlook - Tesla is undergoing a strategic transformation, moving away from traditional electric vehicle sales, which have seen a decline, towards autonomous driving and robotics [15][16]. - Musk envisions that 80% of Tesla's future value will come from autonomous driving and robotics, indicating a shift in focus from electric vehicles [18][25]. - The recent "Master Plan IV" emphasizes AI and robotics without mentioning new electric vehicle models, suggesting a pivot in Tesla's long-term strategy [19][21]. Group 5: Challenges Ahead - Achieving the ambitious targets set forth in the new compensation plan may be more challenging than previous plans, especially given the current market conditions and competition [13][15]. - Tesla's electric vehicle sales have declined, and the company faces increasing competition in key markets like China and Europe [15][16]. - The board's intention behind the compensation plan may be to ensure Musk remains focused on Tesla's future operations, particularly in autonomous driving and robotics, despite external challenges [25].