NEW YORK: Tesla shareholders have voted to approve a pay package of about $1 trillion for CEO Elon Musk, according to a live broadcast of ...
NEW YORK: Tesla shareholders have voted to approve a pay package of about $1 trillion for CEO Elon Musk, according to a live broadcast of the company's annual shareholder meeting on the X social media platform.
As many as 75% of shareholders voted in favor of the pay package. Bloomberg points out that it will be "the largest payout ever awarded to a corporate leader."
Notably, Musk doesn’t take any salary from Tesla, receiving stock options instead. In early September, Tesla proposed a new ten-year pay plan for the CEO, which set a goal of raising the company’s market capitalization to $8.5 trillion from the current level of $1.4 trillion. Other goals include producing 20 million cars and one million Tesla Bots, and operating one million Robotaxis. Musk’s stake will rise to about 25%, should Tesla achieve these goals over the next ten years.
CNBC reported in late October that Musk could leave Tesla if a pay package of almost $1 trillion was not approved.
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