Elon Musk's pay-deal vote is the ultimate 'meme stock' test for Tesla, investor says

• Shareholders are voting on whether to approve Elon Musk's massive compensation package.

• It's essentially a vote deciding how central Musk is to Tesla, investor Roger McNamee told CNBC.

• Without him, Tesla will start to trade like a car company, at a discount to current levels, he said.

Tesla's path forward in the stock market is now in the hands of its shareholders as they vote on CEO Elon Musk's $47 billion compensation package, says investor Roger McNamee.

If the pay deal doesn't get approved, it could likely cost the company Musk's leadership, he said in a CNBC interview.

"It's a test of Tesla as a meme stock, because if Musk is no longer viewed as central to the story going forward, then I think Tesla starts to trade like a car company, as opposed to an extension of Elon Musk," the Elevation Partners co-founder said.

The sentiment echoes prior criticism Tesla has faced, with short-sellers like Jim Chanos nicknaming it a "hopes and dreams" stock: its success built more on a fascination with Musk, and not based in fundamentals.

It's the latest hurdle for the electric-vehicle maker, which has seen shares tank close to 40% this year, and who just announced new layoffs. Those job cuts came as the firm reported weaker-than-expected deliveries in the first quarter, notching its first year-over-year quarterly decline since 2020.