Only six days are left for Tesla’s Annual General Meeting and a decision on CEO Elon Musk’s $1 trillion compensation package. Last month, the electric vehicle giant’s board proposed a groundbreaking compensation package to motivate Musk to stay actively involved with Tesla for the next 10 years, and the shareholders are set to vote on it.
However, several critics, including Democratic US state leaders and union officials, have criticised the sizable package and launched a campaign to reject the offer, Reuters reported.
The shareholders are scheduled to vote on November 6.
Several attempts have been made to prevent earlier record payouts to Musk, such as his $56 billion compensation plan for 2018, which investors reapproved last year despite ongoing legal challenges, it added.
Here’s a look at Tesla’s five largest shareholders, excluding Musk, and how they voted for last year’s ratification of the CEO’s 2018 pay package.
Who are Tesla’s biggest shareholders?
Vanguard
Investment firm Vanguard has 251,390,681 shares and a stake worth $116 billion in Tesla as of June 30, 2025, according to Nasdaq data. The company owns 7% of Tesla, making it the biggest shareholder after Musk, who holds a 13% share. Last year, Vanguard voted for Musk’s pay package despite opposing it for 2018 due to its potential size, Reuters reported.
BlackRock
BlackRock, which reportedly has nearly 6% share in Tesla and a more than $95 billion stake, had 205,962,777 shares as of June 30, 2025. In a release last year, BlackRock said the company voted in favour of Musk’s pay package.
State Street
Global financial services company State Street is the third-highest shareholder of Tesla, excluding Elon Musk. The company has a stake worth $52 billion with 113,418,687 shares. State Street reportedly voted against Musk’s whopping pay package in 2024, according to an X post by Sawyer Merritt, a Tesla investor.
Geode Capital Management
The asset manager had a nearly $29.9 million stake in Tesla and 64,767,993 shares as of June 30, 2025. Geode Capital owns nearly 1.8% stake in Tesla. Last year, the company voted for Musk’s compensation.
JP Morgan Chase
Investment bank JP Morgan Chase has 46,015,610 shares in the EV giant, worth $21.2 billion as of June 30, 2025. With a share of over 1% in Tesla, the bank voted in favour of Musk’s pay package, Merritt noted.
How is Elon Musk’s pay package structured?
In September, Tesla’s board proposed a $1 trillion compensation plan for CEO Elon Musk. The payout depends on growing the company’s market capitalisation from roughly $1.1 trillion to $8.5 trillion and achieving various operational goals and targets, Reuters reported
The board plans to award Musk up to 423.7 million performance-based restricted shares, which amounts to roughly 12% of the company’s current shares. These will be distributed in 12 equal tranches.
It further outlines 12 market capitalisation goals, including $2 trillion mark, then nine increments of $500 billion each, and concluding with two $1 trillion milestones, totalling $8.5 trillion. The EV maker has set 12 operational milestones, such as deploying robotaxis and robots, and increasing profits as measured by adjusted EBITDA.
Musk’s huge pay fuels criticism
Proxy adviser Institutional Shareholder Services (ISS) urged shareholders to vote against the plan. On October 17, ISS expressed concern over Elon Musk’s split attention between his five businesses, which include Tesla and others such as Neuralink, SpaceX, the Boring Company, and xAI.
Tesla denied ISS claims, with Elon Musk at the company’s earnings call saying, “There needs to be enough voting control to give a strong influence, but not so much that I can’t be fired if I go insane.”
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