Dear Tesla enthusiasts, investors, and fellow shareholders,
As we approach Tesla's 2025 Annual Meeting on November 6, we're at a pivotal moment that could shape the future of sustainable energy, autonomous driving, and groundbreaking innovation. The proposals outlined on VoteTesla.com, particularly the ratification of the 2025 CEO Performance Award for Elon Musk, deserve your strong support. Voting YES isn't just about backing a visionary leader, it's about aligning incentives to drive unprecedented growth for Tesla, reward exceptional performance, and deliver massive value to shareholders like you. Let's break it down.
The 2025 CEO Performance Award: Pure Pay-for-Performance
This award grants Elon the opportunity to earn up to 423,743,904 shares of Tesla stock, divided into 12 tranches of 35,311,992 shares each, over a 10-year performance period. But here's the key: Elon earns nothing unless he hits extraordinarily ambitious milestones. Each tranche requires both a Market Capitalization Milestone and an Operational Milestone.
- Market Capitalization Milestones: These are sustained achievements, requiring a six-month trailing average and a 30-day trailing average (except in change-of-control scenarios). The goals escalate to potentially make Tesla the most valuable company ever, targeting up to an $8.5 trillion market cap—creating over $7 trillion in shareholder value from today's levels.
- Operational Milestones: Tied to specific product goals or Adjusted EBITDA targets. The last three demand $400 billion in Adjusted EBITDA across three non-overlapping four-quarter periods, ensuring real, profitable growth.
Once earned, shares must be held for five years, and Elon must remain in continuous service through vesting periods of 7.5 or 10 years from the grant date. For the 11th and 12th tranches, he must collaborate with the Board on a long-term CEO succession framework, safeguarding Tesla's future leadership.
This isn't a handout—it's a high-stakes challenge that only pays out if Tesla soars.
Why This is Great for Elon Musk
Elon has poured his life into Tesla, often at personal cost. This award keeps his incentives locked in, channeling his genius toward Tesla's Master Plan Part IV: Sustainable Abundance for all. It rewards him only for delivering results that benefit everyone, ensuring his time, energy, and talents stay focused here amid his other ventures. Without it, we risk diluting his commitment—voting YES secures the generational leader who turned Tesla from a startup into a powerhouse.
Why This is Essential for Tesla
Tesla is at an inflection point: scaling Optimus robots, Full Self-Driving, energy storage, and more. These milestones push boundaries—demanding breakthroughs in products and profitability that could transform industries. By tying Elon's compensation to these goals, we motivate the innovation that defines Tesla. History shows: Under similar structures, Elon has delivered exponential growth. Voting YES fuels Tesla's path to becoming the world's most valuable company, accelerating our mission for a sustainable future.
Why This is a No-Brainer for Shareholders
Most importantly, this is 100% aligned with your interests. Elon only wins if we win—through massive market cap growth and operational success. Imagine: Hitting these targets could multiply Tesla's value manifold, directly boosting your portfolio. It's risk-free for shareholders: No milestones met? No shares issued. Plus, the accompanying proposal to amend the 2019 Equity Incentive Plan adds flexibility for employee incentives and resolves uncertainties from past litigation, ensuring we can attract top talent without future votes.
In short, voting YES positions you for jaw-dropping returns while protecting downside. It's a vote for value creation, not extraction.
Your Action Matters: Vote YES
Head to VoteTesla.com or your proxy materials to cast your vote in favor of the Board's recommendations. Every share counts in steering Tesla toward trillions in value and a brighter world. Let's back the plan that rewards excellence and secures our shared success.