马斯克万亿美元薪酬案过关，十年业绩对赌能否兑现？

Core Viewpoint - Tesla's recent shareholder meeting highlighted the approval of Elon Musk's compensation plan, which has sparked debate among shareholders regarding its implications for management control and shareholder interests [1][2]. Compensation Plan Details - Musk's new compensation plan could grant him approximately 12% of Tesla's total stock, raising concerns about stock dilution among shareholders [2]. - The plan includes performance targets tied to market capitalization and operational goals, with significant stock awards contingent on achieving these benchmarks [1][2]. Shareholder Reactions - Some shareholders, including Norway's sovereign wealth fund, expressed concerns over the high dilution ratio and the lack of short-term verifiability in performance targets, potentially harming minority shareholders [2]. - Support for the plan comes from Tesla's board and some market analysts, who argue that it aligns Musk's interests with those of long-term shareholders [2]. Financial Performance - Tesla's Q3 financial results showed a net profit of $1.373 billion, a 37% year-over-year decline, marking the third consecutive quarter of profit decrease [5]. - Total revenue for Q3 was $28.095 billion, reflecting a 12% increase year-over-year, but the automotive business faced challenges with a gross margin of 15.4% when excluding regulatory credits [5]. Market Response - Following the shareholder meeting, Tesla's stock price rose slightly by 1.69% to $235.2, but overall market reaction was muted, indicating skepticism about Musk's ambitious plans [1][5]. - Analysts noted that Tesla's performance pressures and declining profits have affected market expectations, contributing to a cautious outlook [5]. Future Prospects - Musk indicated that Tesla aims to integrate sustainable energy with AI technology, but the timeline for significant advancements, such as the production of the third-generation Optimus robot, has been pushed to the end of 2026 [6]. - The rollout of Tesla's Full Self-Driving (FSD) technology remains uncertain, with ongoing regulatory discussions in key markets [7].