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- Tesla shareholders are set to vote on Elon Musk’s $1 trillion pay plan on November 6.
- Proxy firms have criticized the massive pay package, leading Musk to brand them “corporate terrorists.”
- Here’s where major Tesla shareholders stand on the plan to make Musk the world’s first trillionaire.
The battle over Elon Musk’s $1 trillion pay package is heating up.
Tesla’s chair, Robyn Denholm, sent a letter to shareholders on Monday warning them that Musk may choose to leave the company if they do not pass the massive compensation plan at its annual meeting next week.
The package, which could be worth as much as $1 trillion if Musk hits a series of ambitious revenue and product goals over the next decade, has faced pushback.
Proxy firms ISS and Glass Lewis have both recommended that shareholders vote against it, leading Musk to brand them as “corporate terrorists” in a fiery conclusion to Tesla’s earnings call last week. However, other notable shareholders have publicly supported it.
With the vote to potentially make Musk the world’s first trillionaire looming, here’s where Tesla’s most high-profile investors stand.
For: State Board of Administration of Florida
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The State Board of Administration of Florida, a fund that manages assets worth over $280 billion and counts former presidential hopeful Ron DeSantis as its chairman, said on Monday it would back the proposed pay package.
The board, which holds over $1 billion in Tesla shares, described the 2025 CEO performance award as a “bold, performance-driven incentive structure.”
For: Cathie Wood
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ARK Invest CEO and longtime Tesla bull Cathie Wood said earlier this month she was confident Musk’s pay package would pass, and that it could lead Tesla to “super-exponential growth,” adding that she disagreed with Glass Lewis and ISS.
Tesla is the biggest holding in ARK’s portfolio, with the firm holding around $1 billion worth of shares.
For: Wedbush Securities
$ORBS)
Dan Ives, a Wedbush Securities analyst and one of Tesla’s biggest Wall Street cheerleaders, also expressed support for Musk’s $1 trillion payday.
In a note released shortly after Tesla unveiled the package, Ives said it would help keep Musk focused on the company and accelerate Tesla’s “autonomous and robotics future.”
Against: New York State Retirement Fund
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New York State Comptroller Thomas DiNapoli wrote a letter to Tesla shareholders on Monday, urging them to vote against the compensation plan and criticizing the board for an “alarming lack of independence.”
The state’s retirement fund holds over three and a half million Tesla shares, valued at about $1.7 billion, according to a recent SEC filing.
Against: American Federation of Teachers
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The nation’s second-largest teachers’ labor union joined a group of unions, state treasurers, and investment firms earlier this month in urging Tesla shareholders to vote against the mammoth pay deal, arguing it did not secure enough commitments from Musk to keep him focused on Tesla.
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