Tesla shareholders approve Musk pay award and equity plan; supermajority change fails
Tesla shareholders approved the amended 2019 Equity Incentive Plan and a performance-based restricted stock award to CEO Elon Musk at the November 6, 2025 annual meeting. The shareholders did not approve the amendments to remove supermajority voting requirements, and the x.AI investment proposal was not approved under the bylaw standard despite more votes for than against.
- CEO award covers 423,743,904 shares, or 12% of the adjusted share count, with a preliminary fair value estimate of $87.75 billion; vesting depends on market capitalization milestones from $2 trillion to $8.5 trillion and operational goals.
- Approved for: the equity plan (1,942,926,670 for, 514,568,170 against) and the CEO award (1,892,235,822 for, 564,940,908 against).
- Not approved: supermajority voting repeal (1,309,549,644 for, 955,682,310 against, 181,764,443 abstained).
- Shareholder proposal on an x.AI Corp. investment received 1,058,999,435 for and 916,321,296 against, with 473,073,200 abstentions; not approved under the bylaw standard, and the Board will consider next steps.