That's the $46 billion question at the upcoming Tesla shareholder meeting.

這就是即將召開的特斯拉股東大會上的 460 億美元問題。

Tesla is now going to be going to shareholders asking them to vote again on Elon Musk's multi-billion dollar pay package.

特斯拉現在將向股東們提出要求，再次就埃隆-馬斯克數十億美元的薪酬方案進行投票。

The ratification of the pay package is really about fairness.

準許薪酬方案實際上是為了公平。

We would not be voting in favor of that proposal.

我們不會對該提案投贊成票。

After a judge shot down the initial pay deal,

在法官否決了最初的薪酬協議之後、

Tesla's board is hoping a second vote will help secure Musk's compensation and keep the CEO, who also owns X and runs SpaceX and XAI, focused on Tesla.

特斯拉董事會希望第二次投票將有助於確保馬斯克的薪酬，並讓這位同時擁有 X、營運 SpaceX 和 XAI 的首席執行官繼續專注於特斯拉。

Sometimes the work pain level is quite excruciating.

有時，工作的痛苦程度令人難以忍受。

Here are the four ways the shareholder vote could go and how the outcome could affect Tesla.

以下是股東投票的四種結果，以及投票結果可能對特斯拉產生的影響。

Two hurdles currently stand between Musk and the compensation package.

目前，在馬斯克和賠償方案之間有兩個障礙。

Shareholders and a Delaware judge.

股東和一名特拉華州法官。

In January, the judge, Chancellor Kathleen McCormick, struck down the initial pay deal, calling the approval process deeply flawed.

今年 1 月，法官凱瑟琳-麥考密克（Kathleen McCormick）否決了最初的薪酬協議，稱審批程序存在嚴重缺陷。

She said Musk held some of the most influential corporate positions, enjoyed thick ties with the directors tasked with negotiating on behalf of Tesla, and dominated the process that led to board approval of his compensation plan.

她說，馬斯克擔任著一些最有影響力的公司職務，與負責代表特斯拉進行談判的董事關係密切，並主導了董事會準許其薪酬計劃的過程。

Instead of waiting for McCormick to issue her final judgment and then appealing,

而不是等麥考密克做出最終判決後再上訴、

Tesla's board decided to hold a second vote on the pay package.

特斯拉董事會決定對薪酬方案進行第二次投票。

It's just unprecedented.

這簡直是史無前例的。

I have never heard of a situation where after a court concluded that there had been a breach of fiduciary duty and ordered some kind of remedy, there was an attempt to undo that with a new shareholder vote, but no substantive changes to the original conduct.

我從未聽說過這樣的情況，即在法院認定存在違反信託義務的行為並下令採取某種補救措施後，又試圖通過新的股東投票來撤銷這一結論，但卻沒有對原有行為做出實質性改變。

It's just, it hasn't been done.

只是，還沒有人這麼做過。

Legally, there are four ways the vote could play out.

從法律上講，投票可能有四種結果。

If shareholders decide against the package, as though the vote never happened.

如果股東決定反對該方案，就好像投票從未發生過一樣。

If they vote for the pay deal, Chancellor McCormick can accept that result.

如果他們投票支持薪酬協議，麥考密克校長可以接受這一結果。

She says, OK, you got me, that's it, I guess I'll give it all back and we're done.

她說，好吧，你問倒我了，就這樣吧，我想我會把錢都還回去，然後我們就結束了。

Musk is probably very happy, he doesn't want to appeal, but the plaintiff appeals to the Delaware Supreme Court.

馬斯克可能很高興，他不想上訴，但原告向特拉華州最高法院提出上訴。

The other extreme is that she looks at it and she says, this is ridiculous, you can't undo a trial finding this way.

另一個極端是，她看了之後說，這太荒唐了，你不能用這種方式撤銷審判結果。

And then that all gets appealed to the Delaware Supreme Court.

然後這一切都會被上訴到特拉華州最高法院。

The third possibility is she says,

第三種可能是她說、

I don't have enough information to be able to determine if this fixed at all.

我沒有足夠的資訊來確定這個問題是否已經解決。

In which case, maybe there has to be document production, discovery.

在這種情況下，也許需要出示證件，進行證據開示。

Maybe there has to be depositions.

也許還需要取證。

Maybe there has to be a whole new hearing.

也許必須舉行一次全新的聽證會。

Whatever the shareholders say and whatever Chancellor McCormick decides, the second vote could still play a role in any appeal.

不管股東們怎麼說，也不管麥考密克校長怎麼決定，第二次投票仍可能在任何上訴中發揮作用。

Either way, it's color.

無論如何，這都是顏色。

And you have to wonder, especially when this gets to the Delaware Supreme Court, which it absolutely will, whether the Delaware Supreme Court, when it evaluates what happened in 2018, whether in the back of their minds is, well, there was this new vote, even if it's not technically relevant.

你不禁要問，尤其是當這件事被提交到特拉華州最高法院時（這絕對會發生），特拉華州最高法院在評估2018年發生的事情時，他們的腦海中是否會浮現出：嗯，有這個新的投票，即使它在技術上並不相關。

Back in 2018, Tesla was valued at around $53 billion, less than one-tenth of where it stands today.

早在 2018 年，特斯拉的估值約為 530 億美元，不到現在的十分之一。

And Musk was struggling with production issues.

而馬斯克正在為生產問題而苦苦掙扎。

At times, he was sleeping on the factory floor.

有時，他就睡在工廠的地板上。

When this deal was proposed, the future of Tesla was really a big question mark.

當這筆交易提出時，特斯拉的未來確實是一個大大的問號。

We're not perfect, but we pour our heart and soul into the product we really care.

我們並不完美，但我們對產品傾注了自己的心血，我們真正關心的是產品。

Tesla was struggling.

特斯拉舉步維艱。

It had posted its seventh consecutive quarterly loss in the second quarter of 2018.

2018 年第二季度，該公司已連續第七個季度出現虧損。

And by August of that year, the company barely had enough cash on hand to function.

而到了當年 8 月，公司手頭的現金僅夠維持運轉。

The size of the pay package was unheard of.

薪酬之高前所未聞。

And Musk was going to have to earn it.

而馬斯克必須贏得它。

His compensation was tied to Tesla's performance.

他的報酬與特斯拉的業績掛鉤。

In a recent video addressing shareholders, the board chair laid out the strategy.

在最近一次向股東發表講話的視頻中，董事會主席闡述了這一戰略。

If he failed, Elon was entitled to receive no salary, no cash bonuses, and no equity.

如果他失敗了，埃隆有權不領取薪水、現金紅利和股權。

The award worked.

該獎項發揮了作用。

Elon Musk wants to get paid.

埃隆-馬斯克想要得到報酬。

He argues that he had a deal.

他辯稱，他有一個協議。

He had a deal in 2018 to meet incredibly ambitious targets for the company to get the market valuation to huge levels that didn't seem possible to a lot of outsiders.

他在 2018 年達成了一項協議，要為公司實現令人難以置信的宏偉目標，讓市場估值達到巨大的水準，而這在很多局外人看來是不可能實現的。

And he achieved those things.

他實現了這些目標。

The Tesla board is hoping shareholders will support Musk's pay package in Thursday's vote.

特斯拉董事會希望股東在週四的投票中支持馬斯克的薪酬方案。

But it's not a sure thing.

但這並非萬無一失。

For some investors, this is a referendum on Elon Musk.

對於一些投資者來說，這是對埃隆-馬斯克的一次公投。

There has been criticism that he has been distracted.

有人責備他心不在焉。

Been distracted buying Twitter, now known as X.

一直在分心購買 Twitter，也就是現在的 X。

Been distracted with X.A.I., this startup that he created for artificial intelligence that to some looks like a competitor to Tesla.

他一直忙於 X.A.I.，這家由他創建的人工智能初創公司在某些人看來像是特斯拉的競爭對手。

A referendum on is he engaged enough.

全民公決他是否足夠投入。

Some feel that he's distracted and they're not getting the best of him.

有些人認為他分心了，他們沒有得到他的最佳狀態。

On top of that, Musk has said he wants a greater stake in the company.

此外，馬斯克還表示，他希望獲得公司更多的股份。

Currently, he directly holds about 13%.

目前，他直接持有約 13%的股份。

In January, he posted on X.

今年 1 月，他在 X 上發帖

I'm uncomfortable growing Tesla to be a leader in A.I. and robotics without having around 25% voting control.

如果沒有 25% 左右的投票控制權，我很難將特斯拉發展成為人工智能和機器人領域的領導者。

Enough to be influential, but not so much that I can't be overturned.

足夠有影響力，但又不至於無法推翻我。

Unless that is the case, I would prefer to build products outside of Tesla.

除非是這樣，否則我更願意在特斯拉之外製造產品。

That's a problem for some Tesla investors who have thought of the company as an A.I. company.

這對一些將特斯拉視為人工智能公司的投資者來說是個問題。

Its future is not just making cars, but cars that can drive themselves and also humanoid robots.

它的未來不僅僅是製造汽車，而是製造能自動駕駛的汽車和仿人機器人。

This big vision for the future has been taking that stock to record heights in past years.

在過去幾年裡，這種對未來的遠大理想使該公司股票屢創新高。

So the big existential question is what is Tesla going forward?

是以，特斯拉未來的發展方向是什麼？

And the idea that Elon Musk might not be there really rattles a lot of investors.

而埃隆-馬斯克可能不在那裡的想法確實讓很多投資者感到不安。

Musk has been retweeting supporters and sharing voting instructions on X.

馬斯克一直在轉發支持者的推文，並在 X 上分享投票說明。

But with the legal battle still looming, the shareholder vote will likely be just one element and not the deciding factor in Musk's future at Tesla.

但由於法律訴訟仍在進行中，股東投票很可能只是馬斯克在特斯拉前途的一個因素，而不是決定性因素。

The hope among Tesla's board is that if investors approve this pay package, it will remove this cloud hanging over the company.

特斯拉董事會希望，如果投資者準許這一薪酬方案，就能消除籠罩在公司頭上的陰霾。

But the fact of the matter is there will still be some uncertainty.

但事實是，仍會存在一些不確定性。

There is still a court case going on.

法庭仍在審理此案。

There are still legal questions that are plaguing the company regarding this pay package.

關於這一薪酬方案，仍有一些法律問題困擾著公司。

And it is not decided yet.

現在還沒有決定。