马斯克天价酬酬方案通过了，为什么？

Core Viewpoint - The approval of Elon Musk's compensation plan by Tesla shareholders, allowing him to potentially earn up to $878 billion over the next 10 years, reflects a significant shift in confidence regarding Tesla's future and Musk's leadership [2][4]. Group 1: Compensation Plan Details - The compensation plan, first proposed in 2018, is structured as a "zero-salary" model, where Musk's earnings are entirely contingent on achieving ambitious market value and operational goals [2][3]. - The plan includes 12 milestones for market value (ranging from $100 billion to $650 billion) and corresponding revenue/profit targets, with Musk able to unlock approximately 1% of company stock options for each milestone achieved [2][3]. Group 2: Historical Context and Legal Challenges - Initially viewed as an "impossible task," the 2018 plan was approved by shareholders with about 73% support, despite ongoing skepticism about Tesla's ability to meet the ambitious targets [3]. - A subsequent legal challenge in 2024 led to a ruling that deemed the original plan "procedurally unfair" and "overpriced," raising concerns about the close relationship between the board and Musk [3][4]. Group 3: Factors Leading to Recent Approval - The board's decision to resubmit the unchanged 2018 compensation plan for a new vote was influenced by the fact that all previously set goals had been achieved by 2024, including a peak market value exceeding $1 trillion [4][5]. - Shareholders faced a difficult choice: approve the compensation plan to retain Musk, or risk losing him and the potential future value he brings to the company [5][6]. - Key factors contributing to the plan's approval included the ambitious design of the plan, undeniable execution results, Musk's strong personal appeal, and shareholders' fear of losing Musk as a core asset [5][6].