Tesla’s board chair has warned shareholders in a letter that failing to approve Elon Musk’s $1 trillion pay package could put the company at risk of losing its CEO and "significant value."

"Do you want to retain Elon as Tesla’s CEO and motivate him to drive Tesla to become the leading provider of autonomous solutions and the most valuable company in the world?" board Chair Robyn Denholm said in a letter to shareholders, calling the vote slated to take place during Tesla’s Annual Meeting on Nov. 6 "critical" for the future of the company and for delivering extraordinary shareholder returns.

Tesla's board of directors initially proposed the new compensation plan for Musk in September. It could be worth a potential $1 trillion, marking what would be the largest pay package for an executiv

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