Key Takeaways
- 75% of Tesla shareholders approved massive pay package for Elon Musk
- Package could make Musk world’s first trillionaire with $1 trillion in stock
- Musk must hit 12 market cap milestones, starting at $2 trillion valuation
- Agreement ensures Musk stays at Tesla for at least 7.5 years
Tesla shareholders have overwhelmingly approved a historic compensation package that could propel Elon Musk to become the world’s first trillionaire. Approximately 75% of investors supported the massive pay deal during the company’s annual meeting.
A Tesla official confirmed the package aims to ensure Musk remains at the helm for at least seven-and-a-half years. The agreement would increase Musk’s stake in Tesla from about 12% to over 25%, according to AFP reports.
Massive Financial Milestones
Musk, already the world’s richest person according to Forbes, could receive up to $1 trillion in stock over the next decade. To achieve trillionaire status, he must hit 12 milestones tied to market capitalization.
The first payment tranche becomes available when Tesla reaches $2 trillion in market value, up from its current $1.5 trillion. The plan also includes product delivery targets, such as shipping 20 million Tesla vehicles.
Musk’s Emotional Response
Reacting to the approval, Musk expressed gratitude to supporters. “I’d like to just give a heartfelt thanks to everyone who supported the shareholder votes. I super-appreciate it,” he said.
He described the moment as transformative for Tesla: “What we are about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book.” Musk added, “Other shareholder meetings are like snoozefests, but ours are banger. I mean, look at this. This is sick.”
Future Product Roadmap
According to Reuters, Musk announced several ambitious projects including beginning production of the Cybercab – a 2-seater steering-less robotaxi – and unveiling the next-generation Roadster electric sports car.
Meanwhile, shareholders also reelected three directors to Tesla’s board and voted in favor of annual elections for all board members.
