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Elon Musk's Tesla is placing ads on X, the former Twitter.LEON NEAL/Getty Images 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.