Elon Masse resonance salary agreement vote is ultimate test of Tesla's 'memorandum stock,' investors say

• Shareholders are voting on whether to approve Elon Musk's huge paycheck.

• Investor Roger McNamee told CNBC that this is essentially a vote to determine how important Mareson is to Tesla.

• Without Mas resonance, he said, Tesla will begin to trade like a car company, discounting buttons from current levels.

Tesla's path forward in the stock market is now in the hands of shareholders as they vote on a $47 billion pay package for chief executive Elon Masse resonance, says investor Roger McNamee.

In an interview with CNBC, he said that the company would likely lose leadership of Mas resonance if the salary agreement is not approved.

"It's a test of Tesla's forgettable stock because if resonance is no longer at the center of Tesla's future story, then I think Tesla will start to trade like an automobile company rather than an extension of Elon resonance," said the Elevation Partners co-founder.

This view coincides with the criticism that Tesla has faced before, with short sellers such as Jim Chanos nicknaming Tesla a "hopes and dreams" stock: its success is based more on a fascination with Mas resonance than on basic noodles.

It's the latest hurdle for the electric-car maker, whose shares are down nearly 40% this year and which just announced a new layoff plan. The layoffs come as the company reported weaker-than-expected first-quarter deliveries, its first year-over-year quarterly decline since 2020.

The hiccups prompted many Wall Street analysts to lower their target share price for the electric car giant.

McKernamy also pointed to recent behavior by Mascon as one of the reasons for the drop in the stock's price, which other investors have also expressed dissatisfaction with. The controversy included the chief executive's interaction with an anti-Semitic post and concerns that he was being distracted by other companies.

But McNamee expects the package will eventually be approved. Dan Ives of Wedbush Securities agrees, but wrote on Wednesday that it doesn't mean the end of Tesla's woes:

"In our view, the clock has struck midnight, and resonance must now develop a growth strategy, give realistic delivery and profit targets, discuss why there are now significant layoffs, and most importantly, give a clear outlook around the Model 2 Bird," he wrote in a note.

In addition to other corrective measures, Ives previously recommended a salary package for Maas resonance that would allow him to continue as matron until at least 2030.

"This vote is a test for investors to decide which way they want to go," McKnight said.

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