Elon Musk may step down as Tesla’s CEO if shareholders reject his proposed $1 trillion pay package, Chair Robyn Denholm warned in a letter to investors on Monday. The warning comes before Tesla’s annual meeting on November 6. The board has faced criticism for weak oversight and close ties to Musk, with experts questioning its independence. Under the proposed deal, Musk would receive 12 tranches of stock options linked to major goals — including a market value of $8.5 trillion and progress in self-driving and robotics. Denholm defended the plan, saying it aligns Musk’s rewards with Tesla’s long-term success and shareholder value. She also urged investors to re-elect three veteran directors who have worked closely with Musk. Earlier this year, a Delaware court voided Musk’s 2018 pay package, ruling it was unfairly approved by non-independent board members.
