2025年11月6日，特斯拉在加州舉行年度股東大會，最受矚目的議題便是馬斯克（Elon Musk）高達1兆美元的薪酬方案。最終，該方案以超過75% 的壓倒性支持率獲得通過，現場氣氛沸騰，支持者歡呼聲不絕於耳。馬斯克隨後登台致辭，感性地表示：「這將是特斯拉全新史詩的開端。」並呼籲股東繼續長期持有特斯拉股票，與公司共創未來。

這份薪酬方案的設計極具野心，也充滿挑戰。根據內容，整個計畫被劃分為12 個階段目標，與特斯拉的市值及多項營運里程碑緊密掛鉤。首先，公司市值需從當前的1.5 兆美元，一路攀升至 8.5 兆美元；其次，特斯拉必須實現多項產業目標，包括年交付2000萬輛汽車、生產 100 萬台人形機器人（Optimus），以及 推動 100 萬輛 Robotaxi（自動駕駛計程車）投入商業化運營。

作為回報，馬斯克將獲得4.23 億股限制性股票，約佔公司 12% 股份。若方案完全實現，他的持股比例將從目前的13% 提升至約 25%。值得注意的是，方案設有嚴格的限售條款——這些股票在 7 年半內不得出售，並需分十年逐步解鎖，旨在確保馬斯克長期投入公司發展。

在支持與反對的交鋒中，這份天價薪酬方案也引發市場的廣泛爭議。
支持方——包括特斯拉董事會與部分核心股東——認為該方案不僅是對馬斯克過去成就的肯定，更是推動公司邁向人工智慧與機器人領域的強大激勵。他們主張，唯有馬斯克能在汽車、自動駕駛、能源與AI整合領域保持特斯拉的技術領先。
反對方——例如挪威主權財富基金與加州公務員退休系統（CalPERS）——則強烈批評方案「過於龐大、不具可持續性」，並警告公司過度依賴馬斯克個人存在「關鍵人物風險」。

值得一提的是，馬斯克在投票前多次暗示，若方案未能通過，他可能考慮離開特斯拉。這一言論曾令投資界高度緊張。摩根士丹利更在報告中指出，若方案遭否決，特斯拉股價可能短期內暴跌超過 10%。如今方案正式通過，市場普遍解讀為「馬斯克信任票」的勝利。外界關注的焦點隨即轉向未來的執行層面。馬斯克在會後再次重申，他的重心將放在完全自動駕駛技術、人形機器人Optimus、以及 Robotaxi 無人駕駛出租車三大核心業務上，並透露全新自駕出租車專案Cybercab 預計在2026 年 4 月正式投產。

整體而言，這次薪酬方案的通過，象徵著特斯拉在新能源車與人工智慧融合道路上的又一次豪賭。對支持者而言，這是對未來十年的信心押注；對質疑者而言，這則是資本與個人魅力交織下的風險實驗。而無論結果如何，馬斯克與特斯拉的故事，顯然仍遠未落幕。

On November 6, 2025, Tesla held its annual shareholders meeting in California, where the most anticipated topic was Elon Musk’s record-breaking $1 trillion compensation package. The proposal passed with over 75% approval, triggering cheers and applause across the venue. Musk took the stage after the results were announced, declaring, “This marks the beginning of a new epic for Tesla,” and urged investors to hold onto their shares as the company embarks on its next chapter.

The newly approved compensation plan is both ambitious and unprecedented. It is structured around 12 performance milestones, closely tied to Tesla’s market capitalization and operational goals. Specifically, Tesla’s valuation must rise from the current $1.5 trillion to $8.5 trillion, while the company also achieves key production and innovation targets — including delivering 20 million vehicles annually, producing 1 million humanoid robots (Optimus), and commercially deploying 1 million Robotaxis worldwide.

In return, Musk will receive 423.7 million restricted stock units (RSUs), representing about 12% of Tesla’s total shares. If all performance targets are achieved, his ownership stake could rise from 13% to approximately 25%. The plan includes strict lock-up and vesting conditions — Musk cannot sell any of these shares for seven and a half years, and they will vest gradually over ten years, ensuring his long-term commitment to Tesla’s growth.

The proposal has sparked intense debate among investors and analysts.
Supporters, including Tesla’s board and major shareholders, view the plan as a powerful incentive for Musk to stay fully engaged and continue transforming Tesla from a car manufacturer into an AI and robotics powerhouse. They argue that no one else possesses Musk’s vision and capability to lead Tesla in its next technological evolution.
Critics, such as Norway’s sovereign wealth fund and the California Public Employees’ Retirement System (CalPERS), oppose the package, calling it excessive and unsustainable, and warning that it exposes the company to severe “key-person risk” due to its overreliance on Musk.

In the weeks leading up to the vote, Musk hinted that he might consider leaving Tesla if the plan were rejected, a statement that unsettled investors. Morgan Stanley analysts warned that Tesla’s stock could plummet by more than 10% if the proposal failed to pass.

Now that shareholders have overwhelmingly approved the plan, the market interprets it as a vote of confidence in Musk’s leadership. Looking ahead, Musk emphasized that Tesla will focus on Full Self-Driving (FSD) technology, the Optimus humanoid robot, and the Robotaxi program. He also revealed that a new autonomous taxi model, the Cybercab, is scheduled to begin production in April 2026.

In summary, this landmark decision represents both a bold bet and a defining moment in Tesla’s evolution. To supporters, it’s a visionary investment in the company’s long-term future; to skeptics, it’s a risky experiment in the cult of personality surrounding Musk. Either way, one thing is certain — the story of Elon Musk and Tesla is far from over.