Tesla shareholders approved a pay package worth up to USD 1 trillion in stock last year. The award was designed to vest over time as Musk achieved market-value and operational milestones, including deploying one million robotaxis and selling one million humanoid robots.
Tesla’s change-in-control provisions could reduce the importance of operational targets. Under those rules, stock awards may depend more directly on Tesla’s market value. Yet Musk would need Tesla to reach roughly USD 2 trillion in value before receiving any award under the plan.
The central question is therefore not whether Musk would become richer overnight. It is whether a merger would consolidate his control over a combined Tesla-SpaceX while postponing the largest part of his compensation.
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