10:52 AM EDT, 10/01/2025 (MT Newswires) -- Tesla (TSLA) CEO Elon Musk's proposed pay package of up to $1 trillion will face opposition from the New York State Common Retirement Fund, the fund's trustee, New York State Comptroller Thomas DiNapoli, said Wednesday.

The fund will vote against Musk's proposed 2025 pay package and all directors standing for reelection at Tesla's annual meeting on Nov. 6, according to a statement.

"Elon Musk's latest trillion-dollar pay proposal is excessive, waters down the holdings of other shareholders, and gives a captive discretion," DiNapoli said. "The Tesla board has repeatedly failed to provide the independent oversight and accountability that shareholders expect from a public company," he said.

Tesla has proposed a performance award for Musk of up to $1 trillion if the company meets a series of targets over 10 years, including a market capitalization of $8.5 trillion, adjusted EBITDA of $400 billion and a production target of 20 million vehicles.

Over the coming weeks, DiNapoli will encourage other investors to vote against Musk's proposed pay package and all the directors standing for reelection, the Fund said.

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