If Musk clears all those hurdles, his ownership stake could more than double — from about 12% of outstanding shares today to more than 25%. That would give him even greater control over Tesla's direction at a time when the company is trying to reinvent itself as an AI and robotics powerhouse, not just an electric carmaker. For Tesla's board, the calculation is simple: Musk is Tesla. "The biggest asset for Tesla is Musk," Wedbush analyst Dan Ives wrote in a Friday note, maintaining his "Outperform" rating and sky-high $500 price target. He argued the package was "critical to keep Musk at the helm" through what he described as the company's most consequential growth cycle, with autonomy and robotics "front and center." The proxy filing also calls for a nonbinding shareholder vote on a strategic investment in Musk's xAI startup, designed to accelerate Tesla's AI development and create what the company claims could be one of the most powerful AI platforms in the world.