Tesla is expected to announce on Thursday the results of a shareholder vote determining whether CEO Elon Musk should receive a pay package of nearly $1 trillion worth of stock over the next decade. CNBC's Phil LeBeau joins 'Squawk on the Street' with the details.

California

Tesla is holding its annual meeting with a primary focus on the results of a shareholder vote regarding CEO Elon Musk's substantial pay package. The compensation plan, structured in tranches, would award Musk Tesla shares if he meets ambitious targets such as an $8.5 trillion market cap and large-scale deployment of robotaxis and humanoid robots over the next decade.

Supporters and opponents of the pay package have voiced their positions, with major shareholders like Vanguard and BlackRock expected to influence the outcome. Additional votes at the meeting include proposals on political neutrality for Tesla and a potential investment in XAI, which was recently valued at around $200 billion.

Tesla expected to disclose results of vote on Musk pay plan today

Tesla is holding its annual meeting today. A key focus, of course, will be the results of that shareholder vote on Elon Musk's trillion-dollar, potentially trillion-dollar, pay package. Phil LeBeau, of course, watching this closely, as are all shareholders here, Phil, given Musk has said if he doesn't get this comp plan, you know, he may be out the door. Yeah, and I don't think most people believe that's going to happen, David. And look, when you talk with most people, they believe ultimately this is going to be worked out. And look, we usually, and you pointed this out last hour, usually you get a pretty good sense of how votes, shareholder votes, are going to happen. Tesla is keeping the results close to the vest, and we may not know until the meeting starts at 4 o'clock. Remember, this pay package, it's actually set up as a series of tranches where Elon Musk would be paid and awarded Tesla shares if he hits certain metrics. We are not going to go through the entire thing. But if he were to be successful across the board over the next 10 years, he would have to hit an $8.5 trillion market cap for Tesla, deliver 20 million Teslas, deploy a million robotaxis, and also deploy a million humanoid robots. The robots is what's most interesting to a lot of people relative to this vote, because Elon Musk, he started during the company's financial calls by saying, I want some influence over what happens with these robots. If I'm gonna stick around, I'm gonna have some say in terms of the future of the development of these robots. I'm not just gonna do this and then walk out the door. In fact, he said, I don't feel comfortable building that robot army if I don't have at least influence over it. He believes he should stay, and he should have a greater influence over Tesla, potentially up to 25% stake in the ownership of the company. Right now, he's at 15%. Here's who's already come out publicly and said, we're voting for it, or we're voting against it. The voting for it is not a surprise. You've got Elon Musk, as well as you've got ARK Invest, Ron Barron. The usual, hey, Elon can do no wrong crowd is 100% behind this pay package. Those opposing a number of the pension funds have said this is just too excessive. We know about ISS, Glass-Lewis. They've also made it clear that they do not believe that this pay package should be approved. As you take a look at shares of Tesla over the last year, keep in mind, there's a couple other things that are on the ballot today. One is establishing political neutrality for the company. And two, whether Tesla will make an investment in XAI. That's probably the most interesting vote of the day. Because I think, you know, guys, when you look at what's happening with Tesla, Elon Musk had made it clear. It's AI, it's autonomous, it's robotics. That's the future. It's not electric vehicles. They are a conduit to advancing those other causes. But it's those three that we talked about in terms of what he believes the future is. And that's where the growth will happen. Yeah, no, you're right. Actually, I'm glad you pointed out the XAI potential investment there as well. And XAI last value. And I'm trying to remember where I lasted the story in terms of where they're taking in money. But Phil, as for the vote itself, kind of surprising. We haven't gotten any leaks, I guess last time, yeah, did leak and they were perhaps upset about that. It's going to be Vanguard and BlackRock that certainly make, you know, make the, make the, the the key decision here, I guess. It seems hard to imagine, though. I don't know. Do you have any any betting going in? I think it passes, David. That's just my, my, my sense. Look, as much as there are people who are not crazy about the excessive amount of this package, if it's all in, people also sit there and say, look, you hire a CEO to advance your company and grow your company. When the package was passed in 2018. Let's see if we can call up a chart from January of 2018 of Tesla. Take a look at what happened when they had that first package, David, you and I were on the air talking about this. And more than a few people said, Oh, come on, there's no way he's going to hit all of these targets. He hit them. And look at what happened with shares of Tesla, you are rewarded if he meets the metrics that are laid out. Do you think there's going to be a backdrop of credits and subsidies and support policy wise for humanoid robots the way we saw for EVs? That would be interesting. I don't think so. But look, I mean, there's a lot of things that I didn't think we would see in this country. In terms of policies, you know, a few years ago that are now what we now have accepted. So I don't think so, Carl, I would be surprised. But, you know, it's so early in terms of the development of these robots. By the way, David, you reported a month ago X AI $200 billion. I just want to make it moves around a lot. But yes, around 200 billion.

Russian President Vladimir Putin ordered his government to submit proposals to potentially resume testing nuclear weapons. This comes after President Trump directed the Pentagon to resume nuclear weapons testing "on an equal basis" with other countries.

Moscow

Putin orders proposals for resuming nuclear weapons testing

The Supreme Court heard arguments on Wednesday regarding President Trump's authority to impose tariffs unilaterally. CBS News' Katrina Kaufman has more.

Washington

Global Tariffs

Supreme Court justices appear skeptical of Trump's tariffs policies

The US government shutdown is now in its 36th day—a record-breaking length. While both political parties blame each other, the result is being felt by the public. Hundreds of thousands of federal workers are going without pay, and government programs like food benefits have been slashed.

Republicans and Democrats trade blame as shutdown drags on

At least 90 people in the central Philippines have died in floods and heavy rains caused by Typhoon Kalmaegi. 75 others are missing. Tens of thousands have been evacuated after rains flooded homes and streets, swept away vehicles and left people trapped on their roofs.

Manila

Dozens killed as Typhoon Kalmaegi hits central Philippines

President Trump hosted a breakfast for Republican senators at the White House on Wednesday morning, where he urged them to end the filibuster as the government shutdown hits a historical milestone.

Trump doubles down on Republicans as government shutdown makes history

At least nine people were killed, officials say, after a UPS cargo plane crashed near the airport in Louisville, Kentucky. Video shows the jet's left wing on fire as it tries to take off before quickly losing altitude and exploding.

Louisville

Video shows moment UPS plane crashes in Kentucky, killing nine

People around the world are reacting to Zohran Mamdani's win in the New York City mayoral race against former New York Gov. Andrew Cuomo and Republican Curtis Sliwa. CBS News' Ramy Inocencio spoke to Mamdani's mentor in his native Uganda about the election results.

New York

World reacts to Zohran Mamdani's win in NYC mayoral race

Typhoon Kalmaegi left a trail of destruction in the central Philippines, as the powerful storm unleashed heavy rains and floods across Visayas islands region. It's now headed towards the South China Sea and Vietnam where preparations are underway ahead of its expected landfall.

Visayas

Deadly Typhoon Kalmaegi lashes Philippines, heads towards Vietnam

A centuries-old legislative practice in the U.S Senate is being blamed as the latest roadblock in resolving the federal government shutdown. That shutdown is now in its 35th day—equaling the longest in the country's history.

Filibuster blamed for deepening U.S government shutdown

Injuries have been reported after a UPS plane crashed near the Louisville International Airport on Tuesday, officials said.

UPS plane crashes near airport in Kentucky, officials say

The U.S. Senate's 14th vote on a House-passed continuing resolution to fund the government has failed, setting up the shutdown to become the longest ever in American history.

Senate vote fails again to reopen government

A new UN report reviews the gap between countries’ climate commitments and global emissions targets.

UN report reveals climate pledges 'barely moving the needle'

Peru has severed diplomatic relations with Mexico after learning that former prime minister Betssy Chávez, accused of helping ex-president Pedro Castillo attempt a coup in 2022, has taken refuge in the Mexican embassy in Lima.

Lima

Peru cuts ties with Mexico over asylum for ex-prime minister

Former U.S. Vice President Dick Cheney has died at the age of 84. He was a major force in the Republican party for more than 30 years and served as vice president under former President George W. Bush.

Former U.S. Vice President Dick Cheney dies at 84

There has been a sharp escalation in bloodshed in the conflict since Rapid Support Forces fighters captured the city of al-Fashir.

Al Fashir

United States working to secure a humanitarian truce in Sudan

The Trump administration says it will restart the Supplemental Nutrition Assistance Program, but will only pay half the amount people usually get. The move comes after two federal judges ruled that freezing payments for the U.S.'s biggest anti-hunger program is unlawful.

Trump administration will partially restore food benefit funding

Manufacturing giant Kimberly-Clark is set to acquire Kenvue, the maker of Tylenol, for $48.7 billion. CBS News MoneyWatch correspondent Kelly O'Grady has more details.

Kimberly-Clark to buy Tylenol maker Kenvue for nearly $50 billion

Russia said on Monday that its troops had advanced in the eastern Ukrainian city of Pokrovsk, a transport and logistics hub that they have been trying to capture for over a year, but Ukraine said its forces were holding on.

Pokrovsk

Ukraine Invasion

Ukraine sends special forces to Pokrovsk

Israeli police have arrested a former military prosecutor after she leaked a video appearing to show soldiers abusing a Palestinian detainee. Major General Yifat Tomer-Yerushalmi was detained overnight on Monday following a scandal that erupted after she leaked a video, resigned and then disappeared.

Jerusalem

Middle East Conflict

Israel arrests ex-army lawyer over leaked video showing abuse

U.S. President Donald Trump told 60 Minutes he thinks Venezuelan President Nicolas Maduro's days are numbered amid the U.S. striking another boat in the Caribbean allegedly transporting drugs.

Trump sounds off on Venezuela's Maduro as deadly boat strikes continue

A mayor in Mexico's western state of Michoacan was shot dead in a plaza in front of dozens of people who had gathered for Day of the Dead festivities, authorities said. Local politicians in Mexico are frequently victims of political and organized crime violence.

Michoacán

Mexican mayor killed during Day of the Dead celebrations

A 6.3-magnitude earthquake struck near the northern Afghan city of Mazar-e Sharif early on Monday, killing at least 20 people, injuring hundreds and damaging the city's historic Blue Mosque, authorities said, with the death toll likely to rise.

Mazar-i-Sharif

Deadly earthquake rocks northern Afghanistan

More than 200,000 people are expected to attend the Los Angeles Dodgers' victory parade on Monday after they won the World Series over the weekend. The Dodgers defeated the Toronto Blue Jays in 11 innings in Game 7 to become the first team in 25 years to win back-to-back World Series.

Los Angeles

Dodgers to hold championship parade after World Series victory

A 32-year-old man suspected of carrying out a bloody stabbing on a United Kingdom train is facing at least 10 criminal charges. CBS News' Ramy Inocencio has the latest.

London

UK train stabbing spree suspect faces attempted murder charges

Hamas handed over bodies of three hostages on Sunday (November 2), even as the Palestinian militant group traded blame with Israel for violations of the tenuous truce that has mostly halted two years of war.

Tel Aviv-Yafo

Hamas hands over three more hostage bodies amid fragile ceasefire

Israel has threatened to increase attacks on Hezbollah in southern Lebanon if the Lebanese government doesn't disarm the militant group, despite a ceasefire.

Israel warns of intensified strikes on Hezbollah if disarmament fails

U.S President Donald Trump has long promised to build a ballroom on the White House campus.
He originally said it wouldn’t touch the existing structure. But after just four days, the East Wing is gone. Torn down to make way for a much bigger ballroom than originally planned.

Breakdown