Squawk Pod – Tesla Board Chair Robyn Denholm

Release Date: October 27, 2025
Host: CNBC (Becky Quick, Joe Kernan, Andrew Ross Sorkin)
Featured Guest: Robyn Denholm, Chair of Tesla

Episode Overview

This episode spotlights a high-stakes interview with Tesla Chair Robyn Denholm, just as Tesla approaches a pivotal shareholder vote on Elon Musk’s unprecedented compensation package. The discussion traverses Tesla’s evolution into artificial intelligence and robotics, the board’s rationale for Musk’s pay plan, the future role of autonomous vehicles and robots, and the balancing act around Musk’s focus. The show also reviews major news headlines, from international trade negotiations to a major media deal and a dramatic jewel heist in Paris.

Key Topics & Highlights

1. Tesla's Shareholder Vote & Musk’s Pay Package

[16:14 – 22:48]

• Background: Tesla is soliciting shareholder approval for a new performance-based compensation plan that could award Elon Musk up to $1 trillion in stock contingent on major business milestones.

• Board Rationale:

  • The plan incentivizes Musk to stay at Tesla and deliver “unprecedented value for shareholders” over the next decade.
  • "It's a performance plan. If he doesn't perform against the milestones...he actually gets nothing." (Robin Denholm, [18:25])
  • Financial milestones include operational targets and massively increased market capitalization.

• Addressing Criticism:

  • Proxy advisors like ISS and Glass Lewis recommend against the plan; some critics call it too generous.
  • Denholm rebuts: Musk only benefits upon achievement, and shareholders are rewarded earlier than Musk.

• Voting Rights vs. Compensation:

  • Musk’s influence in Tesla is as much about guiding the company’s AI trajectory and protecting its technology as it is about money.
  • “If there was a way of delivering the vote without the actual compensation, we would have done that. But...there was no way of doing that.” (Denholm, [19:58])

Notable Quote:

“Shareholders get their return much earlier than Elon would if he delivers against the plan. And secondly, it really does make sure that the economic value is an incentive for him to stay at the company and continue to deliver.”
– Robin Denholm ([21:11])

2. Tesla's AI & Robotics Vision

[23:29 – 34:38]

• Product Roadmap & FSD:

  • Discussion on new models (e.g., Roadster) and the shift from traditional carmaking to AI-driven vehicles.
  • Focus is on full self-driving (FSD) tech and a future fleet of robotaxis.

• Robotaxi Rollout:

  • Tesla has set goals to deploy a million robotaxis as part of Musk’s compensation milestones.
  • Progress is both technological and regulatory—cautious rollout city by city.

  “We take a very cautious approach...making sure that there is a safety driver in the passenger seat is one of the ways that we demonstrate that.”
  – Robin Denholm ([28:10])

• The Rise of Optimus:

  • Demonstration of the Optimus humanoid robot, which can fold laundry, serve candy, and even shake hands.
  • “I've been in the lab with Optimus. He can fold laundry. He can wipe the table down really well. He can hand things to you. You can actually shake hands with him.”

  – Robin Denholm ([33:26])

• Tesla’s Future Identity:

  • Denholm envisions Tesla evolving beyond cars to become a robotics and AI powerhouse.
  • “We're redefining what transportation is, but we're also redefining robotics and what AI brings to robotics.”

  – Robin Denholm ([33:57])

3. Board Governance, Musk’s Focus, and Shareholder Proposals

[24:04 – 27:36]

• Musk’s Multi-Company Commitments:

  • The board trusts that the ambitious milestones in Musk’s compensation plan demand his substantial attention.
  • Also discussed: possibility of Tesla taking a minority stake in Musk’s X AI, if shareholders vote favorably.

• Board Operations:

  • Tesla’s board is highly active, with 58 meetings in the past year.
  • “Having the right board to govern a company that is as unusual as Tesla is really important.”

  – Robin Denholm ([30:29])

4. Market & Industry Context

[02:02 – 12:53]

• Global News:

  • President Trump’s trade agreements across Asia; a prospective U.S.-China framework; volatility in global markets due to shifting trade talks and rare earth supply chains.
  • “This does not seem like a deal that is done and finalized yet. It seems like it is still a work in progress...But they do seem optimistic.”

  – Andrew Ross Sorkin ([02:04] and [06:18])

• Media & Culture:

  • TV creator Taylor Sheridan’s major move to NBC Universal.

5. Autonomous Technology: From Cars To Living Rooms

[31:22 – 34:38]

• FSD User Experience:

  • Users can operate Teslas with supervision, but full autonomy awaits regulatory approval.
  • “The technology will be there before the regulatory pieces are there a year from now.”

  – Robin Denholm ([32:46])

• Optimus’ Capabilities:

  • Notably, Optimus’ dexterity (not just walking, but hand tasks).
  • “The tactile nature of his hand is actually really very good.”

  – Robin Denholm ([33:36])

6. AI Bubble? Denholm’s Take

[35:08 – 36:09]

• Denholm believes AI’s opportunity is as transformative as electricity or the automobile.
• “The technology of AI is truly transformative and it will continue to be over the next decade or more...We're changing transportation with AI, and we're changing the way households will work and how workplaces will work with robotics.”

  – Robin Denholm ([35:24])

Memorable Quotes

• On Incentivizing Musk:

  • “If he doesn't perform against the milestones...he gets nothing.” (Denholm, [18:25])
  • “If there was a way of delivering the vote without the actual compensation, we would have done that.” (Denholm, [19:58])

• On Tesla’s Identity:

  • “If you're going to be a car company, there are plenty of car companies out there. But...the opportunity for Tesla in the future, given this AI focus...is significant.” (Denholm, [21:47])

• On Robot Dexterity:

  • “I've been in the lab with Optimus. He can fold laundry. He can wipe the table down really well. He can hand things to you. You can actually shake hands with him.” (Denholm, [33:26])

• On AI’s Future:

  • “The technology of AI is truly transformative...it will continue to be over the next decade or more.” (Denholm, [35:24])

Notable Timestamps

• [16:14] — Start of interview with Robyn Denholm on Musk’s compensation
• [17:29] — Denholm on why the plan is necessary
• [21:11] — Denholm: “Shareholders get their return much earlier...”
• [23:29] — Discussion on the shift to AI/robotics
• [28:10] — Safety and rollout of robotaxis
• [33:26] — Optimus robot’s dexterity described
• [35:24] — Denholm’s vision for AI
• [36:15] — Denholm urges: “Please get out there and vote.”

Additional Segments

• International news: U.S.-Asia trade deals and the Chinese negotiations ([02:02]–[10:32])
• Entertainment industry: Taylor Sheridan moves to NBC Universal ([11:04])
• Crime news: French authorities arrest suspects in Louvre jewel heist ([38:38])

Episode Tone & Language

The tone is brisk, analytical, and occasionally lighthearted (especially in the robot demonstration and pop culture sections), matching the usual CNBC style. Technical terms like EBITDA and market cap are discussed explicitly, while complex corporate scenarios (shareholder votes, compensation plans) are broken down for general understanding.

In Summary

Tesla is at a key crossroads: not just a car company, but poised to become a trailblazer in AI and robotics. Robyn Denholm defends the board’s proposed $1 trillion compensation plan for Elon Musk as necessary incentive to keep him engaged through Tesla’s most transformative era yet. Shareholders are urged to use their voice as Tesla races towards an audacious future—one where cars, robots, and perhaps even laundry-folding Optimuses, take center stage.