A SpaceX-Tesla Merger Could Give Musk $1 Trillion Without Selling a Car
Original: 不用賣一輛車，只要 SpaceX 和 Tesla 合併，馬斯克就可以拿走 1 兆美元
Tesla's change-of-control clause raises concerns that Musk could bypass performance targets and receive a massive payout.
Tesla's 2025 performance compensation plan includes a change-of-control clause that has raised governance concerns. According to the article, a merger involving Tesla and SpaceX could allow operating milestones to be disregarded, with compensation determined only by market value. The clause could create a path for Musk to receive up to $1 trillion without meeting the original performance targets.
This report focuses on the "change of control" clause in Tesla's 2025 performance-based compensation plan, and the corporate governance risks that this clause may bring. According to the original summary, this compensation plan originally included operational milestones, but when the company undergoes a change of control such as a merger, the relevant thresholds may be disregarded, and the compensation would instead be calculated based solely on market capitalization. This raises questions from outside observers: if Tesla merges with SpaceX, could Musk still obtain compensation of up to USD 1 trillion without having completed the originally set operational targets?
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