Tesla Board Chair Robyn Denholm told shareholders their overwhelming approval of CEO Elon Musk‘s $878 billion compensation package sends “an unmistakable message” that they support the company’s ambitious vision and want leadership to steer toward an extraordinary future. In a letter following the vote, Denholm said shareholders chose to back the people who have been fighting for Tesla’s mission since the earliest days, looking past the noise to reaffirm belief in a trailblazer who has built one of the world’s most valuable companies.The historic compensation plan, which ties Musk’s earnings to achieving ambitious milestones including a market value of $8.5 trillion, passed with over 75% support from 1.94 billion votes despite fierce opposition from major institutional investors.
Shareholders back Tesla’s AI and robotics vision
In a letter to shareholders, Denholm characterised the approval as a mandate for Tesla’s ambitious future focused on autonomous vehicles and humanoid robots. She emphasised that shareholders “chose ambition” over doubt, backing Musk’s leadership despite criticism from proxy firms and major institutional investors.The pay package, valued at $878 billion, structures compensation so Musk gains only from value created after approval. He must achieve milestones including delivering 20 million vehicles, one million robots, and raising Tesla’s market value to $8.5 trillion over the next decade.Denholm framed the vote as confidence in “Master Plan Part IV” and Tesla’s mission to accelerate global prosperity. She described the upcoming phase as “not a new chapter but a whole new book,” highlighting Robotaxi and Optimus technologies as potentially the largest value-creation event in company history.
Read Tesla Board Chair Robyn Denholm letter to shareholders
Dear Fellow Shareholders,On behalf of the entire Tesla Board, I want to extend our deepest gratitude for the overwhelming support you showed at this year’s Annual Meeting.In particular, your resounding approval of Proposals One, Three and Four sends an unmistakable message: you support the vision embodied by Master Plan Part IV and want us to keep steering Tesla toward the extraordinary future we all see ahead.A world that is not “zero-sum” but instead one in which we can and will accelerate global prosperity for all by creating a safer, cleaner and more enjoyable world.In a year when many tried to sow doubt and negativity, you chose a better future.You chose ambition. You chose to see what is possible. You chose to back the people who have been in the room since the earliest days, fighting for the mission that first brought us all together—a better world for humanity.Your vote was about much more than governance of a company—it was a vote of confidence in our visionary leader, Elon. You looked past the noise and reaffirmed your belief in a trailblazer who has turned Tesla into one of the most valuable companies in history and who continues to push humanity closer to a future of sustainable abundance for all.This idea is not just a slogan—as Elon noted at our meeting, it is about bringing about the best future you can imagine. Your support tells us that you believe in this mission as strongly as we do.The Board could not be more excited for what comes next, and, as Elon also said on Thursday, this is not a new chapter for Tesla but a whole new book. The age of autonomy is no longer approaching—it is here. With transformative technologies such as Robotaxi and Optimus, we are bringing AI into the physical world. We are on the cusp of what could be the largest value-creation event in Tesla’s history, and quite possibly in the history of humanity.You, our shareholders, have given us the mandate and the runway to execute. We are humbled, and rest assured that we do not take that responsibility lightly.Therefore, staying close to you has always been fundamental to how we lead. We have consistently prioritized direct engagement with our shareholders through multiple channels, including our Shareholder Platform and in-person events. The feedback we receive directly from you, the owners of Tesla, informs our strategy and strengthens us. As we execute, we will keep listening and are committed to exploring opportunities to further empower shareholder voices.Thank you for believing in Tesla. Thank you for standing with us. We look forward to years of bold leadership and pioneering innovation, fueled by our commitment to creating a better future for all.Very truly yours,Robyn DenholmChairperson of the Board of Directors