Here are the key Tesla shareholders backing Elon Musk's $1 trillion pay package — and who's against

The State Board of Administration of Florida, a fund that manages assets worth over $280 billion and counts former presidential hopeful Ron DeSantis as its chairman, said last week it would back the proposed pay package.

The board, which holds over $1 billion in Tesla shares, described the 2025 CEO performance award as a "bold, performance-driven incentive structure."

ARK Invest CEO and longtime Tesla bull Cathie Wood said in October she was confident Musk's pay package would pass, and that it could lead Tesla to "super-exponential growth," adding that she disagreed with Glass Lewis and ISS.

Tesla is the biggest holding in ARK's portfolio, with the firm holding around $1 billion worth of shares.

Dan Ives, a Wedbush Securities analyst and one of Tesla's biggest Wall Street cheerleaders, also expressed support for Musk's $1 trillion payday.

In a note released shortly after Tesla unveiled the package, Ives said it would help keep Musk focused on the company and accelerate Tesla's "autonomous and robotics future."

Gavin Baker, the managing partner of investment firm Atreides Management, posted on X last week that Atreides would vote in favor of the pay package, adding that he would prefer every company he invests in to have a comparable CEO compensation plan.

"Elon's involvement is integral to maintaining Tesla's current course and trajectory," Baker wrote. As of June 2025, Atreides held around 321,000 shares in Tesla, with the firm's position valued at $141 million at the time.

Baron Capital, the investment firm founded by billionaire Ron Baron, said on Tuesday it supported Tesla's proposed 2025 CEO Performance Award.

The firm invests in Tesla, SpaceX, and xAI, and says shares in Musk's companies make up around 26% of its $44 billion in assets.

The US bank's asset management arm released a statement on Tuesday saying it would vote in favor of Musk's pay package, adding that the proposal "aligns both management and shareholder interests."

Schwab Asset Management, which owns 0.56% of Tesla's shares and is the company's 15th-largest outside investor, has faced pressure from retail investors on X in recent days to support the pay package.

New York State Comptroller Thomas DiNapoli wrote a letter to Tesla shareholders last week, urging them to vote against the compensation plan and criticizing the board for an "alarming lack of independence."

The state's retirement fund holds over three and a half million Tesla shares, valued at about $1.7 billion, according to a recent SEC filing.

The nation's second-largest teachers' labor union joined a group of unions, state treasurers, and investment firms last month in urging Tesla shareholders to vote against the mammoth pay deal, arguing it did not secure enough commitments from Musk to keep him focused on Tesla.

The California Public Employees' Retirement System (CalPERS), the largest public pension fund in the US, voted against Elon Musk's previous $46 billion pay plan last year — and this time is no different.

The agency's global equities investment director told Bloomberg in an email last week that CalPERS would vote against Musk's $1 trillion pay package, saying it was far larger than that of other CEOs and concentrated too much power in a single shareholder.

CalPERS is one of the largest Tesla shareholders to come out against the pay package, with Bloomberg estimating the pension fund holds around 5 million shares in the EV giant.

Norway's $2 trillion sovereign wealth fund is the largest institutional shareholder to say it has voted against Musk's pay package.

Norges Bank Investment Management, Tesla's sixth-largest institutional investor, said on Tuesday it had concerns about the size of the package, dilution, and the lack of mitigation of Musk's "key person risk" for Tesla.

The fund, which holds 1.2% of Tesla's shares, also voted against Musk's previous pay package in 2024.