Tesla(US:TSLA) Xin Lang Cai Jing·2025-11-07 06:11Core Points - Tesla's annual shareholder meeting approved Elon Musk's compensation plan, which is the largest executive compensation plan in corporate history, receiving over 75% shareholder support [1] - The compensation plan grants Musk up to 423.7 million restricted common shares, approximately 12% of the company's total equity, with unlocking occurring in 12 tranches tied to specific performance milestones [1] - If all targets are met, the total compensation value could reach $1 trillion based on Tesla's current market valuation, with Musk's stock potentially exceeding $2.4 trillion if the company's market cap reaches $8.5 trillion [1] Performance and Financial Goals - The plan's success is contingent on Tesla's market value growth and core business objectives, requiring the market cap to increase from approximately $1 trillion, with each tranche corresponding to a $500 billion increment [1] - Operational targets include delivering 20 million Tesla vehicles, achieving over 10 million active FSD subscription users for three consecutive months, delivering 1 million Optimus humanoid robots, and deploying 1 million Robotaxis for commercial operation [1] - Financially, adjusted EBITDA must reach $400 billion, necessitating a growth of over 20 times from the current figure of approximately $17 billion as of 2024 [1] Governance and Market Reaction - To prevent short-term cashing out, the compensation plan includes a "tenure threshold," requiring Musk to remain CEO for the next 7.5 years, with unvested shares becoming void if he departs [2] - Following the shareholder meeting, Tesla's stock price rose over 3% in after-hours trading, indicating investor confidence in the stability of the leadership and Musk's long-term strategic vision [2] - The approval of the compensation plan not only addresses Musk's pay but also defines Tesla's development direction for the next decade, aligning Musk's interests with the company's growth [2]