Tesla proxy shows board preparing for a SpaceX merger

Tesla's proxy for its December 3 annual meeting discloses that independent director Ira Ehrenpreis joined SpaceX's board in February. Musk's equity awards now vest on deal price alone without operational milestones, and a retail auto-voting program starts with the next shareholder meeting.

• Ehrenpreis chairs Tesla's compensation and governance committees and sits on SpaceX's board
• Musk's 2025 compensation is reported at $158.4 billion, a pay ratio of 2,522,203 to 1
• A $3 trillion deal would vest three tranches, 105.9 million shares, without robotaxi or Optimus goals
• Retail shareholders can enroll in standing instructions to vote with the board at future meetings