关键时刻，马斯克“万亿美元薪酬”计划，突爆重大利空

Core Viewpoint - The Norwegian Sovereign Wealth Fund plans to vote against the proposal to grant Tesla stock to Elon Musk as a performance reward at the upcoming shareholder meeting, citing concerns over the total reward amount, equity dilution, and key person risk [1][2]. Group 1: Shareholder Concerns - The Norwegian Sovereign Wealth Fund currently holds 1.12% of Tesla's shares, valued at approximately $17 billion, making it the seventh-largest shareholder [2]. - The California Public Employees' Retirement System (CalPERS) also intends to vote against the proposal, holding about 5 million shares valued at approximately $2.34 billion [2]. - Concerns have been raised regarding the lack of measures to mitigate key person risk associated with Musk's potential departure from the company [1][10]. Group 2: Compensation Proposal Details - Musk's new compensation proposal, which will be voted on November 6, could become the largest compensation plan in corporate history if approved [3]. - If Musk meets ambitious revenue and product goals over the next decade, he could earn up to $1 trillion, contingent on Tesla's market cap reaching $8.5 trillion and other performance metrics [5]. - The proposal is characterized as a high-stakes wager rather than traditional compensation, with Musk emphasizing its importance for Tesla's future [6]. Group 3: Strategic Implications - The outcome of the vote is seen as a pivotal moment for Tesla, potentially influencing its long-term strategy in autonomous driving, artificial intelligence, and robotics [4]. - If the compensation plan is approved, Musk's ownership stake in Tesla would increase from 13% to nearly 25%, enhancing his control over the company [9]. - The board chair, Robin Denholm, has urged shareholders to support the plan, arguing that it is essential for retaining Musk's leadership and vision for the company [6][7]. Group 4: Market Reactions and Predictions - Analysts from Morgan Stanley have issued a risk warning regarding the shareholder vote, suggesting that a failure of the compensation plan could lead to a significant drop in Tesla's stock price, potentially exceeding 10% [13]. - The current stock price of Tesla is reported at $468.37, with a market capitalization of approximately $1.56 trillion, indicating that a rejection of the compensation plan could result in a loss of $156 billion in market value [14].