埃隆·马斯克启动万亿薪酬计划，但两大问题恐致股东财富蒸发

Core Viewpoint - The approval of Elon Musk's $1 trillion compensation plan by Tesla shareholders may lead to a significant loss of shareholder wealth, as the ambitious performance targets may not be realistically achievable [1][3]. Compensation Plan Structure - The new compensation plan consists of 12 tiers of restricted stock grants, requiring both valuation and operational targets to be met, starting with a market cap of $2 trillion and potentially reaching $8.5 trillion [4]. - Achieving each milestone grants Musk 35.312 million shares, increasing his current stake by approximately 1% [4]. - If Musk meets all targets, he could receive $1 trillion worth of stock, equivalent to 424 million shares, over a ten-year period [4]. Potential Challenges - The operational goals are deemed overly ambitious, with significant hurdles such as building a fleet of 1 million autonomous vehicles, while Tesla currently operates a small pilot program [6]. - The EBITDA target of $50 billion requires a fivefold increase from current levels, amidst declining profitability [6]. - Tesla's stock is perceived as overvalued, with a current P/E ratio of 375, necessitating an 85% increase in stock price to reach the next valuation milestone [6]. Achievable Goals - Musk may realistically achieve the initial market cap target of $2 trillion and the operational goal of delivering 2 million vehicles, given the current trajectory of Tesla's stock price [7][8]. - The requirement to deliver 2 million vehicles is based on cumulative sales, allowing Musk to meet this target with a modest increase in annual sales [9]. - The plan's structure allows Musk to secure his compensation even if the stock price fluctuates after meeting the initial milestones [9].