一万亿美元薪酬计划，是马斯克疯了还是特斯拉疯了？

Core Viewpoint - The approval of Elon Musk's $1 trillion compensation plan by over 75% of Tesla shareholders reflects a bet on Musk's ability to transform Tesla into a leader in AI and robotics over the next decade, rather than merely a retention strategy for shareholders [2][3]. Compensation Plan Overview - The proposed compensation plan involves a total of 423,743,904 shares of Tesla's common stock, representing 12% of the adjusted share count, divided into 12 tranches [9][10]. - The preliminary aggregate fair value estimate of the 2025 CEO Performance Award is $87.75 billion [9]. Market and Operational Targets - The first market target is to increase Tesla's market value from approximately $1.4 trillion to $2 trillion, with subsequent targets increasing by $500 billion each, culminating in a total market value of $8.5 trillion [11][12]. - Operational goals include delivering 20 million Tesla vehicles, achieving 10 million active FSD (Full Self-Driving) subscriptions, and delivering 1 million robots [14][15][17]. Challenges and Historical Context - Achieving these targets requires Tesla to significantly ramp up production, as the company delivered only 720,000 vehicles last year [20]. - This is not the first time Tesla has proposed a high-value compensation plan for Musk; a previous plan in 2018 aimed for a $560 billion payout, which faced legal challenges but ultimately saw a significant increase in Tesla's market value [27][28]. Shareholder Dynamics - The compensation plan reflects a complex relationship between Musk and Tesla, where his influence is deemed crucial despite the company's recent struggles [33][35]. - While many retail investors support Musk, some institutional investors, including Norway's sovereign wealth fund, opposed the plan, indicating a divide among shareholders [36]. Conclusion - The $1 trillion compensation plan is seen as a high-stakes gamble by Tesla's shareholders, betting on Musk's ability to achieve unprecedented growth and innovation within the company [36][37].