Tesla registers 300 million shares of equity, Musk’s stake rebounds to 20%, and the world’s richest man’s wealth adds another $1 trillion

Multiple filings submitted by Tesla (Tesla) to the U.S. Securities and Exchange Commission (SEC) indicate that Tesla has issued more than 300 million options to CEO Elon Musk, bringing Musk’s ownership ratio back to above 20%. Musk, who is currently the world’s richest person, has a net worth of $649 billion, which does not include the above options; if all are exercised at $23.34 per share, it could bring Musk as much as $108 billion in gains.

Tesla issues 300 million shares of equity source: 2018 incentive plan and implementation agreement

The 303,960,630 shares of common stock registered in this filing primarily originate from the “CEO Performance Incentive Plan” approved in 2018. Under the “Implementation Agreement” signed on April 21, 2026, these shares are legally eligible to be exercised, and were registered through an S-8 filing to ensure future market liquidity. However, this is not an unconditional grant; the shares are still subject to a “service-based forfeiture condition.” Musk must continue to remain employed for a specified period; otherwise, the shares will be forfeited. This move shows the company’s attempt to meet legal ruling requirements while ensuring the CEO’s long-term interests are deeply tied to those of the company.

Musk’s stake surpasses 20.3%: structural change in beneficial ownership

According to the 13G filing, Musk’s total beneficially owned shares currently reach approximately 717 million, with a stake of about 20.3% (calculated based on 3.75 billion shares outstanding). This figure includes 413 million shares held in trust and the previously mentioned 304 million shares of options scheduled to be exercised. Notably, this ownership percentage already excludes interim incentive shares confiscated due to the court ruling in the “Tornetta case,” totaling 96 million shares.

Musk’s stake ratio rises back to above 20%, strengthening Musk’s influence over the company from a financial-psychology perspective, but it also—due to share dilution effects—becomes a key metric for investors watching earnings per share (EPS) performance.

Checks and balances on voting rights: decoupling economic interests from governance power

Although Musk’s economic ownership percentage has increased significantly, his “voting governance rights” are tightly constrained. The documents reveal that the 423 million shares tied to his 2025 performance awards are currently restricted by a “Voting Agreement.” Musk therefore has no right to vote on them and must leave voting to the secretary of Tesla, who will conduct “neutral voting” based on the voting proportions of other shareholders. This design means that while Musk has a high proportion of beneficial economic rights to the assets, he cannot directly monopolize votes on major decisions. This “decoupling of economic rights and voting rights” mechanism is a compromise protection measure adopted by Tesla’s board of directors in response to past governance disputes.

Musk remains the world’s richest person; exercising options will bring in $108 billion

According to the Bloomberg Billionaires Index, Musk remains the world’s richest person; his current net worth is $649 billion, which does not include the 304 million stock options that are exercisable as mentioned above.

As previously reported, since 2018 Musk has not taken a fixed salary. Instead, once the company’s long-term goals are broken into phased results, each time he achieves a target he receives compensation similar to performance bonuses and dividends. After meeting targets, Musk can purchase Tesla shares at $23.34 per share, but there is a five-year lock-up period. Based on Tesla’s current share price of $378.67, exercising all options could bring him profits of up to $108 billion.

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