Published: Nov. 6, 2025
At a glance
- Shareholder meeting (3:00 p.m. CT, Austin): Investors vote on Elon Musk’s new performance-based CEO award, board changes and governance measures; key shareholder proposals also on the ballot. [1]
- Scale of the pay plan: The award has been widely framed as a “$1 trillion” package by outlets; Reuters pegs the potential value at up to $878 billion if Tesla hits aggressive 10‑year targets (20M vehicles, 1M robotaxis, valuation milestones up to $8.5T). [2]
- Cybertruck update (today): Tesla stopped taking orders for the cheapest Cybertruck and is pushing the ~$100,000 Foundation trims for near‑term delivery. [3]
- Safety & regulatory watch: A late-October NHTSA recall covers 6,197 Cybertrucks with service-installed off‑road light bars; Tesla also recalled ~13k vehicles in October over a battery‑pack component risk. [4]
What’s happening at today’s shareholder meeting
Tesla’s 2025 annual meeting begins at 3:00 p.m. Central at Giga Texas, with a public livestream promised. The agenda includes the election of three directors, amendments to eliminate certain supermajority voting requirements, an amended & restated 2019 equity incentive plan, and the headline 2025 CEO Performance Award for Elon Musk. Shareholders will also weigh non‑management proposals, including a request for board authorization to invest in xAI, Musk’s AI startup. [5]
How big is the award? Reporting today underscores the unprecedented scale. Reuters says the package could be worth up to $878B at full achievement of stringent operating and valuation hurdles (20M annual vehicle deliveries, 1M robotaxis, market‑value milestones from $2T to $8.5T). Some investors argue the scale is justified if value is created; others warn of dilution and governance risks. [6]
What’s not on the ballot: A widely discussed “political neutrality” proposal was omitted after the SEC granted Tesla no‑action relief; it does not appear on the proxy card. [7]
Where big holders and advisors stand
- Norway’s sovereign wealth fund (NBIM)—one of Tesla’s largest shareholders—said this week it will vote “no” on Musk’s pay plan, citing size, dilution and concentration risk. [8]
- Proxy advisors ISS and Glass Lewis have recommended against the package; Tesla has publicly pushed back on those recommendations. [9]
- On the other side, Baron Capital publicly backed the award, and ARK Invest/Cathie Wood have voiced support. Prediction markets imply high odds of approval. [10]
Why it matters: A “yes” vote would reaffirm Tesla’s pivot toward AI and robotics under Musk’s leadership; a surprise “no” could raise succession/governance questions and introduce share‑price volatility, analysts have warned in recent previews. [11]
Product & demand: Cybertruck strategy shifts
In a notable move today, Tesla removed the lowest‑priced Cybertruck configuration from its order page and is promoting the $99,990 Dual‑Motor “Foundation” (est. delivery as soon as this month) and the $119,990 “Cyberbeast”. Analysts say the pivot suggests near‑term demand is strongest at the high end—and that maintaining volume at those price points could be challenging. [12]
Separately, Tesla has been gradually rolling Cybertruck into new markets; recent reporting flagged an early 2026 delivery timeline in some regions, reinforcing that ramp and mix remain central watch‑items into 2026. [13]
Safety, recalls and investigations to watch
- Cybertruck Off‑Road Light Bar (25V735): 6,197 vehicles with a service‑installed accessory may have been mounted with the wrong primer; remedy includes inspection and a mechanical attachment retrofit or replacement. No crashes/injuries reported as of the filing. [14]
- Battery‑pack contactor recall (Oct. 22): About 12,963 Model 3/Y vehicles in the U.S. were recalled for a component defect that could cause sudden loss of power; Tesla also posted owner guidance on its support site. [15]
- FSD scrutiny: NHTSA opened a probe in October into reports of FSD violating traffic laws in certain scenarios—part of a continuing conversation around supervised autonomy and safety. [16]
Investor takeaway: The recall cadence and software oversight remain part of Tesla’s risk profile. None of the items above have derailed the stock in the run‑up to today’s vote, but they add context for margin, warranty and regulatory considerations as Tesla pursues autonomy and robotics ambitions.
Energy side: quiet, but with potential catalysts
On the energy front, reports this week indicated Tesla has secured a multi‑year battery‑supply deal with Samsung SDI specifically for energy storage systems (ESS)—supporting a growing Megapack/Megablock pipeline. Tesla hasn’t issued a formal statement, but the report aligns with September’s unveiling of the Megapack 3/Megablock platform aimed at faster deployment and lower install costs. [17]
What to watch next (near‑term checklist)
- Vote outcomes later today—especially on the CEO Award and supermajority elimination. [18]
- Any commentary on xAI ties or resource sharing after the shareholder proposal vote. [19]
- Cybertruck mix and pricing—is the high‑end focus a bridge to broader trims in 2026, or a longer‑term strategy? [20]
- Regulatory updates from NHTSA on FSD and recall remedy progress. [21]
Bottom line for TSLA
Heading into the meeting, TSLA is trading near record territory as bulls frame the vote as a mandate for Tesla’s AI/robotics arc under Musk. Bears point to dilution, governance concerns and a still‑lumpy product/recall cadence. For shareholders, the path of least surprise is that the pay package passes—yet the details and margins (how quickly software/robotics translates to revenue, and how Cybertruck mix evolves) will keep driving the narrative into 2026. [22]
How we reported this: Today’s article draws on Tesla’s meeting site and proxy materials; independent reporting from Reuters, AP, Investor’s Business Daily and Business Insider; U.S. safety filings; and market data. Key sources include Tesla’s 2025 meeting page, SEC proxy exhibits and NHTSA recall filings for factual verification. [23]
Disclosures: This article is for information only and is not investment advice. Stock prices are intraday and subject to change.
References
1. www.tesla.com, 2. www.reuters.com, 3. www.reuters.com, 4. static.nhtsa.gov, 5. www.tesla.com, 6. www.reuters.com, 7. www.sec.gov, 8. www.reuters.com, 9. www.reuters.com, 10. www.baroncapitalgroup.com, 11. www.investors.com, 12. www.reuters.com, 13. www.teslarati.com, 14. static.nhtsa.gov, 15. www.reuters.com, 16. www.reuters.com, 17. electrek.co, 18. ir.tesla.com, 19. ir.tesla.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.investors.com, 23. www.tesla.com
