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Welcome back to PyUncut, your source for the stories that shape money, markets, and modern capitalism.
Today’s episode dives deep into one of the biggest corporate controversies of the decade — Elon Musk’s new $1 trillion Tesla pay plan.

Yes, trillion with a “T.”

It’s the largest CEO compensation proposal in history, and it’s dividing some of the world’s most powerful investors.

So what exactly is at stake? Why are major funds like CalPERS and Norway’s sovereign wealth fund voting against it?
And what does this mean for Tesla’s future — and the broader conversation about CEO power, innovation, and shareholder rights?

Let’s break it down.

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Segment 1 — The $1 Trillion Question

Picture this:
At Tesla’s annual shareholder meeting in Austin, Texas, Elon Musk walks onto the stage — surrounded by dancing robots — as investors cheer.
More than 75% of shareholders approve a plan that could make him the first trillion-dollar CEO.

The new pay package isn’t a simple salary. It’s a massive performance-based stock award that Musk will receive only if Tesla hits Everest-sized milestones.

Let’s look at the numbers:

• The plan spans 10 years and includes 12 tranches of stock options.
• Tesla must reach market-cap targets that start at $2 trillion and climb all the way to $8.5 trillion.
• Operational goals include:
  • 20 million cars delivered.
  • 10 million Full Self-Driving subscriptions.
  • 1 million Tesla Bots.
  • And 1 million robotaxis in commercial use.
• The company must also achieve adjusted EBITDA milestones ranging from $50 billion to $400 billion.

If all that happens, Musk could earn stock worth over $1 trillion, raising his personal ownership stake in Tesla to nearly 30%.

It’s a moonshot — maybe even a Mars-shot — deal.

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Segment 2 — Why Supporters Say He Deserves It

Supporters argue that no one but Elon Musk could drive a company to those heights.

Ron Baron, the billionaire founder of Baron Capital — and a long-time Tesla bull — summed it up like this:

“Elon is the ultimate key man. Without his relentless drive and uncompromising standards, there would be no Tesla.”

For him and other investors, Musk isn’t just a CEO — he’s a one-man economic engine redefining transportation, energy, and now humanoid robotics.

And they believe aligning his financial success with Tesla’s success is smart.
As one analyst put it:

“It’s the ultimate alignment — Musk earns nothing unless he creates staggering value. If he pulls off the unimaginable, shareholders will be sitting atop an $8.5 trillion titan.”

In other words, if Elon wins, investors win.

For Tesla’s loyal fans, this plan isn’t corporate excess — it’s an audacious bet on a man who has repeatedly defied gravity.

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Segment 3 — The Critics Push Back

But not everyone is on board.

The California Public Employees’ Retirement System, better known as CalPERS, one of the largest public pension funds in the U.S., says it will vote against the proposal.

Drew Hambly, CalPERS’ Global Public Equity Investment Director, explained their reasoning:

“The CEO pay package proposed by Tesla is larger than pay packages for CEOs in comparable companies by many orders of magnitude. It would also further concentrate power in a single shareholder. CalPERS is voting against.”

They hold over 5 million Tesla shares — so this is no small protest.

And they’re not alone.

Norway’s sovereign wealth fund, which manages over $1.6 trillion in assets and holds a 1.16% stake in Tesla, has also decided to vote no.

Their concern?
A lack of balance between visionary leadership and responsible governance.
They cited the “size of the award, potential dilution of shareholders, and key-person risk.”

Put simply: what happens to Tesla if something happens to Elon Musk?

When one person holds that much financial and operational control, even visionary leadership starts to look like a potential vulnerability.

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Segment 4 — The Analyst Divide

Wall Street’s reaction has been equally polarized.

Matt Britzman from Hargreaves Lansdown called the plan “outrageous” but admitted:

“So are the Everest-sized milestones Tesla must conquer to unlock it.”

For him, it’s both a moral question and a market bet.

Mike O’Rourke from Jones Trading took a different tone:

“It’s highly unlikely this works out well when a $1.5 trillion company needs to award a $1 trillion pay package to the richest man in the world.”

He worries that Musk may be spreading himself too thin — juggling Tesla, SpaceX, xAI, Neuralink, and The Boring Company.

Meanwhile, IG Markets’ Chris Beauchamp argued that since the compensation is performance-based, “the questions will answer themselves” if Musk actually grows Tesla to those astronomical levels.

But the real debate isn’t just about numbers.
It’s about power.

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Segment 5 — The Power Problem

At its core, this is a story about how much control one individual should have over one of the world’s most valuable companies.

If the plan is fully realized, Musk’s stake could jump from 15% to nearly 30%, giving him dominant influence over Tesla’s board and future direction.

Proxy advisory firms ISS and Glass Lewis both recommended shareholders reject the plan, saying it “further concentrates power in a single individual” and raises concerns about board independence.

In corporate governance terms, that’s a red flag.

Even as Tesla evolves from an automaker into an AI-driven robotics and energy conglomerate, critics argue that unchecked CEO influence could distort decision-making, suppress dissent, and weaken long-term oversight.

For context:
CalPERS and similar pension funds don’t just invest for profit. They represent millions of public workers whose retirements depend on stable, transparent governance.
So their “no” vote isn’t just symbolic — it’s about long-term accountability in a company that’s increasingly driven by one man’s vision.

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Segment 6 — The Investor Dilemma

So here’s the dilemma every Tesla shareholder faces:

Do you reward Musk for his unmatched track record — even if it means concentrating more power in his hands?

Or do you push back, insisting that even visionaries need limits?

History gives us both warnings and inspiration.

When Steve Jobs returned to Apple, his charisma and control saved the company — but also made it dependent on his presence.
When Jeff Bezos built Amazon, his obsession with growth created enormous shareholder value — but also triggered years of scrutiny over power and culture.

Elon Musk sits somewhere between both extremes: part innovator, part disruptor, part lightning rod.

He’s redefined industries, but also polarized investors and regulators alike.

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Segment 7 — What’s Next for Tesla

Tesla’s future now hinges on how Musk prioritizes his attention.

The targets in this plan demand focus — and a lot of it.
We’re talking about scaling EV production to 20 million units per year, commercializing robotaxis, and manufacturing 1 million humanoid robots.

That’s not just ambitious.
It’s bordering on science fiction.

If Musk can pull it off, he’ll not only justify the $1 trillion award — he’ll reshape entire industries in the process.

But if he can’t, the plan could become a cautionary tale of corporate hero worship gone too far.

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Segment 8 — The Broader Conversation

Beyond Tesla, this story touches on a much larger question:

What should we pay the people who change the world?

In an era where average CEO pay already dwarfs worker wages by more than 300 to 1, deals like this redefine the limits of compensation.

For critics, it symbolizes inequality and the cult of personality around celebrity CEOs.
For believers, it’s capitalism at its most daring — betting billions on brilliance.

And perhaps that’s what makes Elon Musk such a fascinating, divisive figure.

He doesn’t just build cars or rockets.
He builds movements — ones that inspire both admiration and outrage.

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Segment 9 — Closing Thoughts

As Tesla’s shareholders finalize their votes, this debate will echo far beyond Wall Street.

It’s not just about how much money Elon Musk makes.
It’s about how modern capitalism rewards vision, risk, and control — and whether those rewards come with enough accountability.

If Tesla becomes an $8.5 trillion company, Musk’s pay will look like a bargain.
If it stumbles, this moment may go down as a warning about what happens when innovation and concentration of power collide.

Either way, it’s history in motion — and we’ll be watching every mile.

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That’s it for today’s episode of PyUncut.
If you found this breakdown insightful, don’t forget to follow us on Spotify, Apple Podcasts, and YouTube.
I’m your host, and this was your deep dive into the trillion-dollar question: How much is visionary leadership really worth?

Until next time, stay curious — and stay invested.

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