Ask HN: Does increase in responsibilities and headcount warrant promotion/raise?

Hello HN,

TLDR; Engineering Manager here. Direct Reports increased from 12 -> 24 + Responsibility up 2x. Does that deserve a raise or promotion?

I work for a Fortune 100 telecom company as a Software Engineering Manager. I have been recently informed of an increase in my direct reports of 100%(12 -> 24) and responsibility increase from a subset of the product to the whole enchilada(2x-5x) Should I get a raise or a promotion? If so, I have an offer with a 10% raise and promotion in the works with a Fortune 1000 company. Should I take that?

Would love to hear y'alls thoughts and opinions!