36氪·2025-11-11 13:35Core Viewpoint - The article discusses Elon Musk's "trillion-dollar compensation plan" approved at Tesla's 2025 shareholder meeting, highlighting the intense debate surrounding it and its implications for Musk's control over Tesla [5][11][21]. Group 1: Compensation Plan Details - The "trillion-dollar compensation plan" is a ten-year performance-based agreement with 12 tiers of goals, including a market cap starting at $2 trillion and operational targets such as delivering 20 million cars and achieving 10 million active FSD subscriptions [12][23]. - The plan was approved with a 75% support rate from shareholders, contrasting with the atmosphere during the 2018 $55 billion compensation plan, which faced skepticism due to Tesla's survival challenges at that time [11][13][15]. Group 2: Control and Ownership - Musk currently holds 13% of Tesla's shares, and if all targets are met, his ownership could exceed 25%, which he considers a "safe line" for control [16][17]. - The article emphasizes Musk's concerns about potential removal from Tesla, which drives his aggressive push for the compensation plan as a means to secure his influence [18][20]. Group 3: Comparison with Nvidia and Jensen Huang - Jensen Huang of Nvidia, despite leading a company with a market cap exceeding $5 trillion, holds only 3% of Nvidia's shares, raising questions about his lack of a similar compensation plan or control strategy [9][26][31]. - Huang's lower ownership is attributed to Nvidia's stock issuance for employee incentives, contrasting with Musk's strategy of maintaining higher personal stakes in his companies [38][42]. Group 4: Market Context and Future Implications - The article notes that while Nvidia is currently thriving, Musk's aggressive strategy at Tesla reflects the company's transitional phase and the need for strong leadership amid innovation challenges [45][46]. - The potential for Tesla's stock to drop significantly if the compensation plan had failed underscores the high stakes involved in Musk's control over the company [24].