According to TechCrunch, Tesla published its fourth “Master Plan” over two months ago in August 2024, but the document remains “woefully absent” of specifics despite being the central argument for approving CEO Elon Musk’s compensation package worth $1 trillion at Thursday’s annual shareholder meeting. The plan focuses on “sustainable abundance” but drew immediate criticism from Tesla fans for being too vague, prompting Musk to acknowledge the criticism as “fair” and promise to add more details in a September 2 post. Despite this promise, the document remains unchanged while Tesla heavily promotes it in shareholder materials, including pamphlets and their third-quarter shareholder letter. Board chair Robyn Denholm and design chief Franz von Holzhausen have repeatedly referenced the plan in interviews, yet failed to provide concrete details about what it actually entails.
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Suspicious Timing
Here’s the thing that makes this whole situation feel off. Tesla releases this incredibly vague “vision” document right before asking shareholders to approve the biggest corporate pay package in history. And they’re not just mentioning it in passing – it’s front and center in all their voting materials. The SEC filings literally highlight Master Plan 4 as a reason to vote yes. Doesn’t that strike you as incredibly convenient?
Musk himself admitted the previous Master Plan 3 was “too complex for almost anyone to understand” in an August post, then promised Master Plan 4 would be “concise.” But there’s a difference between concise and completely lacking substance. The third plan at least came as a 41-page white paper with actual goals, even if they were ambitious. This new one? Basically just buzzwords about “reimagining labor, mobility and energy.”
It’s About Control, Not Cash
Musk has been pretty clear that this isn’t really about the money for him. He’s already the world’s richest person. What he wants is maintaining control over what he calls his “robot army” – meaning Tesla’s AI and robotics projects. He’s literally threatened to take his ideas elsewhere if he doesn’t get the voting control this package provides. That’s some serious leverage.
But think about this for a second. The board is essentially asking shareholders to approve a $1 trillion compensation package based on a vision document that even its biggest supporters admit is lacking details. The New York Times coverage shows how Denholm has been on a media blitz promoting the pay package without being pressed on what Master Plan 4 actually means. When design chief von Holzhausen was asked about the vagueness on a podcast, his response was essentially “we’ll do it in Tesla fashion.” What does that even mean?
Shareholders in a Tough Spot
So shareholders are left with a difficult choice. Vote no and risk Musk following through on his threat to leave, potentially cratering the stock. Or vote yes based on a vision that’s basically “trust me, it’ll be epic” without any concrete roadmap. The shareholder letters keep talking about “sustainable abundance” and bringing “AI into the physical world,” but where are the specifics? What metrics will define success? What timelines are we looking at?
Meanwhile, Musk himself hasn’t mentioned Master Plan 4 on X since that September 2 post where he promised more details. Instead, he’s been busy promoting the pay package while diving into political controversies. It’s almost like the actual plan matters less than getting the compensation approved. The whole situation feels like shareholders are being asked to buy a mystery box for $1 trillion, with the promise that whatever’s inside will definitely be worth it.
