Tesla(US:TSLA) 第一财经·2025-09-05 15:21Core Viewpoint - Tesla is seeking investor approval for a substantial compensation plan for CEO Elon Musk, which could yield a maximum potential value of approximately $975 billion if certain operational milestones are met over the next decade [2][4]. Compensation Plan Details - The plan includes 12 tranches of stock totaling 423 million shares, contingent on achieving specific milestones, such as increasing the company's market value by $500 billion for each 1% of equity awarded [4][6]. - To unlock the first reward, Tesla's market value must nearly double to $2 trillion, with a final target of $8.5 trillion [6]. - Operational milestones include delivering 20 million Tesla vehicles, achieving 10 million active FSD subscriptions, delivering 1 million robots, and operating 1 million Robotaxis [6]. Board's Perspective - Tesla's chairperson, Robyn Denholm, stated that the compensation plan is designed to keep Musk motivated and focused on contributing to the company [3]. - The plan does not impose restrictions on Musk's work location or the minimum hours he must dedicate to Tesla [7]. Shareholder Voting - Tesla will ask shareholders to vote on whether to invest in Musk's AI startup, xAI, during a meeting on November 6 [8]. Previous Compensation Controversy - Musk currently holds about 13% of Tesla's shares and previously had a compensation plan that allowed him to unlock approximately 12% of options based on performance metrics [10]. - A Delaware court previously ruled this equity incentive plan invalid, and Musk has been appealing since March [11]. - Musk has expressed concerns about his control over Tesla, emphasizing that having around 25% voting control is crucial for his continued leadership [11].