Core Viewpoint - Tesla's annual shareholder meeting will focus on the vote regarding CEO Elon Musk's proposed 10-year compensation plan, which raises questions about traditional corporate governance rules and Musk's influence on the company [1]. Group 1: Compensation Proposal - Musk has threatened to resign if shareholders do not approve a compensation plan that could yield him up to $1 trillion [2]. - The proposal includes ambitious targets such as increasing Tesla's market value to $8.5 trillion and delivering 20 million vehicles, which would allow Musk to hold nearly 29% of Tesla's shares [2]. - Current voting statistics show approximately 80% participation, with over 55% in favor of the proposal [3]. Group 2: Shareholder Concerns - Major shareholders, including CalPERS and Norway's sovereign wealth fund, have raised concerns about the scale of the proposed compensation and its implications for shareholder influence [4]. - Analysts note that Musk's leadership is critical to Tesla's valuation, and any leadership transition could pose risks to the company's performance [4]. Group 3: Potential Outcomes - Tesla has warned that if the compensation proposal is rejected, Musk may leave to focus on other ventures, including xAI and SpaceX [5]. - The board has indicated that if Musk departs, they would likely choose an internal candidate for succession, although no current executive matches Musk's prominence [6]. - Morgan Stanley has cautioned that a rejection of the compensation plan could lead to a potential drop of over 10% in Tesla's stock price, reflecting a lack of confidence in Musk's leadership [6].

Core Viewpoint - Tesla's upcoming annual shareholder meeting will focus on the vote regarding CEO Elon Musk's proposed 10-year compensation plan, which could potentially yield him up to $1 trillion in income, raising questions about traditional corporate governance rules and Musk's influence on the company [2][3]. Group 1: Compensation Proposal - Musk has threatened to resign if shareholders do not approve the compensation plan, which is seen as a referendum on his role within Tesla [2]. - The proposal includes ambitious targets such as increasing Tesla's market value to $8.5 trillion and delivering 20 million vehicles, which would allow Musk to control nearly 29% of the company [3]. - Supporters argue that the plan ties Musk's compensation to performance metrics, ensuring he only receives rewards after creating shareholder value [4]. Group 2: Shareholder Concerns - Major shareholders, including CalPERS and Norway's sovereign wealth fund, have raised concerns about the scale of the compensation plan, potential dilution of shares, and increased reliance on Musk, which could weaken shareholder influence [4]. - The current voting progress shows about 80% participation, with over 55% in favor of the proposal as of November 5 [4]. Group 3: Leadership Risks - Analysts note that Tesla's stock and sales have fluctuated with Musk's focus on other projects, indicating the importance of his leadership to the company's valuation [5]. - There is a warning that if the compensation proposal is rejected, Tesla's stock could drop by over 10%, reflecting a lack of confidence in Musk's leadership [7]. - The board is preparing for a succession plan in case Musk leaves, with potential internal candidates being considered for a smooth transition [6].

2025.11. 05 本文字数：1845，阅读时长大约3分钟 作者 | 第一财经 樊志菁 周四美股收盘后，特斯拉将召开年度股东大会，并公布投资者对一系列提案的投票结果，其中最引人 瞩目的无疑是关于公司首席执行官马斯克（Elon Musk）的10年薪酬方案提案。这一决定本质上相 当于一场 "公投"，核心议题是传统公司治理规则是否适用于这位全球首富。 冲关能否成功 特斯拉首席执行官马斯克此前发出威胁，若投资者不同意一项可能为他带来高达1万亿美元收入的拟 议薪酬计划，他将辞去公司职务。 "如今超过50%的股东都会认为'特斯拉即马斯克，马斯克即特斯拉'。"康托菲茨杰拉德（Cantor Fitzgerald）公司分析师谢泼德表示，尽管他认为即便没有马斯克掌舵，特斯拉仍能 "蓬勃发展"。 特拉华州最高法院目前正在评估马斯克2018年的薪酬方案。该方案曾两次获得绝大多数有投票权股 东的批准，但去年被该州一名法官驳回。 若马斯克达成新方案中列出的一系列目标（包括将特斯拉市值提升至8.5万亿美元、交付2000万辆 汽车、1000万个FSD订阅、100万台机器人等），他最终将持有特斯拉近29%的股份，从而实现对 公司拥有更大控 ...