Tesla shareholders have approved a record-breaking $1 trillion pay package for CEO Elon Musk, with over 75% voting in favor at a meeting in Austin, Texas.
The deal, structured in 12 performance-based stages, will reward Musk with stock options as Tesla hits ambitious profit and market goals, including boosting its value from $1.5 trillion to $8.5 trillion within ten years.
Musk, who currently owns about 15% of Tesla, pushed for the plan to secure more control and hinted he might leave if he didn’t reach roughly 25%.
The approval follows months of campaigning by Tesla’s board, led by chairwoman Robyn Denholm, and comes after a Delaware court struck down Musk’s previous $56 billion package from 2018.
If all targets are met, the new plan could make Musk the first CEO ever to earn $1 trillion in compensation.
