India, Oct. 27 -- Elon Musk has may resign as CEO of Tesla if shareholders reject his $1 trillion pay package at the company's annual meeting on November 6, stated Robyn Denholm, chair of the board.

According to Denholm's letter to investors, the performance-based plan was created to ensure Musk continues to lead Tesla for "at least another seven-and-a-half years," Reuters reported.

She stated that Musk's leadership was "critical" to the firm's future and cautioned that Tesla would lose his "time, talent, and vision" if he is not offered a package that will persuade him to stay, as reported by Reuters. As Tesla seeks to advance its autonomous driving and artificial intelligence technologies, she asserted his job is crucial.

Musk would ...