TechCrunch Industry News Tesla shareholders approve Elon Musk’s $1T pay package; plus, Tesla to begin Cybercab production in April, says Musk
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Nov 7, 2025 Tesla shareholders have greenlit Elon Musk's ambitious $1 trillion pay package, contingent on hitting key milestones over the next decade. Musk also announced production of the innovative CyberCab will kick off in April, designed as a wheel-less robo-taxi for cost-effective transport. While he expresses confidence about regulatory approval, discussions continue about the necessary features for safety, including traditional controls. This move signals a bold new chapter for Tesla in the realm of autonomous vehicles.
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Pay Package Tied To Ambitious Milestones
- Tesla shareholders approved a compensation package that could be worth up to $1 trillion over 10 years if Tesla hits set milestones.
- The plan ties massive equity awards to operational, profit, and market-cap goals, including an $8.5 trillion market-cap target.
Crowd Chants At Austin Meeting
- Shareholders in the Austin factory chanted Musk's name as the result was announced, showing strong investor enthusiasm.
- Musk used the meeting to frame the package as central to his control and future vision for Tesla.
Heavy Campaigning Reveals High Stakes
- Tesla and Musk campaigned aggressively for the vote, including interviews and TV ads, indicating high stakes.
- The company leaned on its Master Plan 4 as the strategic rationale despite its vagueness.