(Oct 19): Tesla filed its proxy statement with the US Securities and Exchange Commission on Monday asking shareholders to re-elect CEO Elon Musk, chair Robyn Denholm and director JB Straubel to three-year terms at its Dec 3 annual meeting.

The filing comes nearly a year after the EV maker's board granted Musk a performance award that was billed as a US$1 trillion (RM4.1 trillion) pay package.

Musk's 2025 CEO Performance Award of about 423.7 million restricted shares is reported at a US$158.4 billion total in the summary compensation table.

None of the US$1 trillion performance award's 12 tranches has been earned. Each needs a market-cap milestone from US$2 trillion to US$8.5 trillion plus operational targets, and the unearned shares vote in proportion to all other shares.

Musk exercised all 303.96 million options from his 2018 award on June 16, leaving 286.4 million restricted shares that vest in January 2028 if he stays in a leadership role.

Tesla revealed it spent months working directly with the SEC to pioneer a voluntary retail investor voting framework, ultimately obtaining a formal SEC no-action letter.

Tesla's pledging policy caps borrowing secured by Musk's pledged shares at the lesser of US$3.5 billion or 25% of the shares' value.

Musk owns nearly 20% of Tesla, including 207.5 million pledged shares, while Vanguard Capital Management holds 5.3%

Uploaded by Magessan Varatharaja