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When you hear a number like $1 trillion, it’s hard not to react. That’s the jaw-dropping figure tied to Elon Musk’s proposed Tesla compensation package, up for a shareholder vote this November. But according to Tesla board chair Robyn Denholm, it’s not really about the cash. It’s about something else entirely: power.
In an interview with The New York Times, Denholm, who helped build the proposal from the ground up, defended the plan as necessary to keep Musk focused and engaged. Her calm insistence sounded simple: the CEO needs extraordinary challenges to stay motivated, and that means tying big goals to big rewards — or nothing at all.
“He gets nothing if he doesn’t perform against the goals,” she told The Times.
But here’s where it gets interesting. Denholm admitted that what Musk may value more than money is influence. Specifically, voting power at Tesla. She said, “I think it’s a little bit weird talking about the dollars when it’s actually the voting influence.”
In other words, that trillion-dollar pay plan is less about making Musk richer — and more about making him harder to ignore inside Tesla’s boardroom.
So, Why Now?
This proposal is landing at a turning point for Tesla. The company has been dealing with falling EV sales and slipping profits, according to data from this past July. Critics have questioned the timing. Why greenlight such a massive package when key performance metrics are under pressure?
Denholm’s answer: the package isn’t about rewarding the past. It’s about locking in Tesla’s future — and keeping Musk at the center of it.
And what’s Musk expected to do to earn it? That’s where things get a little murkier.
Less Ambitious Than It Sounds
While the package has a trillion-dollar headline, the actual requirements to unlock it may not be as groundbreaking as expected. Previous coverage highlighted that the goals in the package are “considerably less ambitious” than Musk’s earlier promises. That includes goals he’s already missed or pushed back multiple times, making some investors skeptical.
Still, Denholm is standing by it. She admitted feeling slightly uneasy during the interview but remained clear: extraordinary compensation is needed to keep Musk’s attention pointed at Tesla.
What Happens Next?
Shareholders will get to vote on the plan this November. It’s a decision that could shape how Tesla moves forward — and how much sway Elon Musk holds in that journey.
Until then, one thing is very clear: for Musk, this $1 trillion package is about more than money. It’s about having the final say.
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Got thoughts on whether a $1T package makes sense in today’s EV market? Whether it’s a smart incentive or a risky bet, one thing’s for sure — the future of Tesla is being priced in massive stakes.
