In a surprising turn of events, Leo Koguan, Tesla's biggest retail shareholder, has announced his intention to vote against Elon Musk's $55 billion compensation package and the re-election of two board members. Koguan, who became the third largest individual shareholder in Tesla last year, has been a staunch supporter of Musk and the company's mission to accelerate sustainable energy.

With investments totaling $3.5 billion, Koguan has demonstrated his unwavering faith in Tesla, outpacing even Musk himself in financial commitment. In contrast, Musk's net investment has turned negative after selling billions of dollars worth of stocks to invest in Twitter.

Koguan's influence as a major shareholder cannot be ignored, with over 27 million Tesla shares under his control. His opposition to Musk's compensation package and concerns over governance issues within the company highlight growing discontent among shareholders, including institutional investors like T. Rowe Price.

The reinstatement of Musk's CEO compensation package, invalidated by the board due to governance concerns, and the re-election of Kimbal Musk and James Murdock to the board of directors are key items on Tesla's upcoming shareholders' voting agenda. Koguan's frustration with governance issues culminated in his recent statement describing Tesla as a "family business masquerading as a public company."

Despite being the largest Tesla investor to publicly voice his intentions, Koguan's vote is just one among many, as institutional investors traditionally hold significant sway in shareholder votes. Nevertheless, Koguan's position in Tesla is bigger than some institutional shareholders, making his vote all the more influential.

The board's response to shareholder concerns has been preemptive, launching a website to convince shareholders and disclosing discussions with institutional investors. However, Koguan's discontent, echoed by other shareholders, stems from the perception that Musk operates without constraints, compromising Tesla's corporate governance.

While the vote primarily centers on Musk's 2018 CEO compensation plan, many shareholders view it as a broader opportunity to express their confidence in both the CEO and the board's ability to steer the company effectively.

As the Tesla community eagerly awaits the voting results, both Musk's popularity and Koguan's influence loom large. It remains to be seen whether institutional shareholders or passionate Tesla fans will ultimately shape the outcome.