Revision History

Tesla disclosed that Elon Musk's total 2025 compensation reached $158.36 billion in stock awards — the largest executive pay package in corporate history — but a complex legal and procedural chain means Musk cannot yet pocket the shares. The saga, which spans an eight-year legal battle through Delaware courts, a shareholder re-ratification vote, and an S-8 filing to register 304 million shares, raises fundamental questions about corporate governance, executive compensation norms, and what shareholders actually consented to.