马斯克大战特斯拉股东，“万亿薪酬赌局”今晚对决！

Core Viewpoint - The focus of Wall Street is shifting towards Tesla as the company prepares for its annual shareholder meeting on November 6, where a significant compensation plan for Elon Musk will be discussed [1][2]. Compensation Plan - If approved, Musk's compensation plan could become one of the largest in corporate history, with Tesla's stock rising 36.49% since the proposal was made on September 5 [2]. - The new plan aims to tie Musk's compensation to specific milestones, including achieving a market cap of $8.5 trillion, selling 12 million cars annually, and delivering 1 million humanoid robots and 1 million autonomous taxis, with adjusted profits increasing from $16.6 billion in 2024 to $400 billion, a more than 23-fold increase [4]. Shareholder Dynamics - There are two opposing camps among shareholders regarding the compensation plan, with supporters arguing it aligns Musk's interests with those of Tesla, while critics express concerns about concentrated power and potential resource diversion to Musk's other ventures [5][8]. - Major institutional investors, including CalPERS and influential voting advisory firms ISS and Glass Lewis, have urged shareholders to vote against the plan, citing concerns over total compensation, dilution effects, and lack of measures to mitigate key person risk [8]. Market Reactions - Morgan Stanley has warned that the vote is a gamble for the company's future, especially following a 40% drop in Tesla's third-quarter operating profit, which fell short of market expectations [10]. - If the plan is rejected, it could be interpreted as a vote of no confidence in Musk's leadership, potentially leading to a stock sell-off of over 10% and long-term risks for the company [12]. Leadership Implications - Musk's leadership is deemed crucial for Tesla's success, and failure to pass the compensation plan may lead him to reconsider his role, with potential implications for the company's direction, especially in the critical area of autonomous driving [6][12].