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Shareholders must vote to pay Tesla CEO Elon Musk almost $1 trillion, or he might not stay, Board Chair Robyn Denholm warned in a letter Monday.

"Without Elon, Tesla could lose significant value, as our company may no longer be valued for what we aim to become," Denholm wrote ahead of Tesla's annual meeting on Nov. 6.

Online shareholder votes regarding Musk's new pay plan and other proposals must be received by Tesla by or before 11:59 p.m. ET on Nov. 5.

Musk is key to the future of the EV maker as it moves beyond being "just another car company," with a bigger focus on Full Self Driving and Optimus , Denholm argued.

In May this year, as Musk faced criticism for neglecting Tesla while working

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