Elon Musk’s 423.7 million performance award shares have been issued, but he can only earn them if Tesla hits long-term targets and they will not vest until the 2030s

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NEWS: Elon Musk’s 2025 CEO Performance Award shares have officially been issued — split into 12 tranches (423.7 million total shares), according to a new SEC filing.

Each tranche can only be earned if Tesla hits strict performance goals. Earned shares vest in 2033 or 2035, are held in Musk’s revocable trust, and are voted by proxy, meaning Elon can’t currently vote them himself.

“The earning of each tranche is subject to satisfaction of certain conditions. If earned on or prior to September 3, 2030, the tranches of restricted stock will vest on March 3, 2033, and if earned from September 4, 2030 through September 3, 2035, the tranches of restricted stock will vest on September 3, 2035, in each case subject to satisfaction of certain conditions.”