Summary: Tesla CEO Elon Musk is aiming to become the world’s first trillionaire through a proposed $1 trillion pay package that would increase his voting power in the company. However, proxy advisors have raised concerns, calling the plan risky. Musk also shared exciting updates on Tesla’s Optimus robot project and ambitious plans for self-driving robotaxis, highlighting the company’s shift toward AI and robotics amid changing market conditions.
Elon Musk’s $1 Trillion Pay Package and Voting Power
On November 6, Tesla investors will vote on an unprecedented $1 trillion pay package proposed for Elon Musk, which could make him the world’s first trillionaire. During Tesla’s third-quarter earnings call, Musk emphasized that his motivation isn’t just financial gain but securing greater voting power within the company.
Currently holding about 13.5% voting power, Musk aims to increase this by approximately 12% over the next decade, targeting a total voting influence in the mid-20% range. He explained, “I don’t feel comfortable building that robot army if I don’t have at least a strong influence.” However, proxy advisory firms Institutional Shareholder Services and Glass Lewis have recommended investors reject the plan, citing potential risks to company value and concerns over the proposal’s details. Musk referred to these firms as “corporate terrorists” during the call.
The ‘Robot Army’: Tesla’s Optimus Project
Musk’s “robot army” refers to Tesla’s Optimus robot project, which he described as an “infinite money glitch” during the earnings call. Tesla plans to unveil Optimus V3 early next year, with Musk claiming these robots could be five times more productive than a human annually and even serve as “incredible surgeons.”
He painted a vivid picture of the robots, saying, “It won’t even seem like a robot. It’ll seem like a person in a robot suit. It’ll seem so real that you’ll need to, like, poke it, I think, to believe that it’s actually a robot.” While Musk is known for his optimistic projections, these ambitious claims highlight Tesla’s growing focus on AI and robotics as key drivers of future value.
Tesla’s Ambitious Self-Driving Plans
Tesla is also pushing forward with its self-driving robotaxi service. Musk announced plans to eliminate safety drivers in robotaxis in large parts of Austin by the end of this year. Currently, Tesla operates robotaxis with human safety monitors in Austin and San Francisco, where the service has faced regulatory and legal challenges.
The company expects to expand robotaxi operations to eight to ten metropolitan areas, including Nevada, Florida, and Arizona, by year-end. New markets will initially require safety monitors for about three months. Musk expressed confidence in Tesla’s AI capabilities, stating, “At this point I feel 100% confident that we can solve unsupervised full self-driving at a safety level much greater than any human.” He also highlighted Tesla’s superior “intelligence density” compared to competitors.
Competition and Industry Context
Tesla’s robotaxi efforts come amid growing competition. Waymo operates in five metro areas with plans to expand to five more. Meanwhile, General Motors recently announced plans to launch hands-free and “eyes-off” electric vehicles by 2028, drawing significant investor attention.
Despite Tesla delivering a record number of vehicles last quarter, profits were impacted by tariffs and the loss of EV tax credits. This has prompted Tesla to increasingly focus on AI and robotics to sustain growth and value creation.