Elon Musk is poised to become the world’s first trillionaire after Tesla shareholders voted overwhelmingly to approve a record-breaking $1 trillion pay package for the electric carmaker’s chief executive.
The vote, held at Tesla’s annual general meeting in Austin, Texas, saw investors chant “Elon, Elon” as the result was announced — signalling their confidence in Musk’s leadership despite criticism from major institutional investors.
The deal, which could raise Musk’s stake in Tesla to 25 per cent or more over the next decade, ties the world’s richest man’s rewards to ambitious performance targets that would see Tesla’s market value soar from $1.5 trillion to $8.5 trillion by 2035.
To unlock the full package, Musk must deliver 20 million vehicles annually, deploy one million robotaxis, sell one million humanoid robots, and generate up to $400 billion in annual operating profit within the next ten years.
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