Key facts
- Musk's 2025 CEO Performance Award of about 423.7 million restricted shares is valued at $158.4 billion.
- None of the $1 trillion performance award's 12 tranches has been earned.
- Musk exercised all 303.96 million options from his 2018 award on June 16.
- Tesla obtained a formal SEC no-action letter for a voluntary retail investor voting framework.
- Musk owns nearly 20% of Tesla, including 207.5 million pledged shares.
Tesla filed its proxy statement with the US Securities and Exchange Commission on Monday, seeking shareholder approval to re-elect CEO Elon Musk, Chair Robyn Denholm, and director JB Straubel for three-year terms at the company's December 3 annual meeting. The filing also provided details on Musk's compensation packages. His 2025 CEO Performance Award consists of approximately 423.7 million restricted shares, valued at $158.4 billion, though none of its 12 tranches have yet been earned. These tranches require market-cap milestones ranging from $2 trillion to $8.5 trillion, along with operational targets. Musk previously exercised all 303.96 million options from his 2018 award on June 16, leaving him with 286.4 million restricted shares that will vest in January 2028 if he remains in a leadership role. Tesla also revealed it collaborated with the SEC to develop a voluntary retail investor voting framework, securing a no-action letter. The company's policy caps borrowing secured by Musk's pledged shares at the lesser of $3.5 billion or 25% of their value. Musk currently owns nearly 20% of Tesla, including 207.5 million pledged shares, while Vanguard Capital Management holds a 5.3% stake.