11/07/2025
Tesla shareholders approve $1 trillion pay plan for Elon Musk over the next decade, endorsing his vision of morphing the EV maker into an AI and robotics juggernaut.
The proposal was approved at the company’s annual shareholder meeting on Nov. 6 with over 75 percent support.
Musk took to the stage in Austin, Texas, along with dancing robots. “What we are about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book,” he said. “This really is going to be quite the story.”
He added: “Other shareholder meetings are like snoozefests, but ours are bangers. I mean, look at this. This is sick.”
Shareholders also reelected three directors on Tesla’s board and voted in favor of a replacement pay plan for Musk’s services because a legal challenge has held up a previous package. Shareholders also voted in favor of a proposal asking the board to hold annual elections for all board members.
The vote, analysts have said, is a positive for Tesla’s stock, whose valuation hangs on Musk’s vision of making vehicles drive themselves, expanding robotaxis across the U.S. and selling humanoid robots, even though his far-right political rhetoric has hurt the Tesla brand this year.
A win for Musk was widely expected as the billionaire was allowed to exercise the full voting rights of his roughly 15 percent stake after the automaker moved to Texas from Delaware, where a legal challenge has held up a previous pay rise.
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The proposal was approved at the company’s annual shareholder meeting on Nov. 6 with over 75 percent support.