Elon Musk won a critical shareholder vote, approving a pay package that could make him the world's first trillionaire if Tesla meets ambitious performance targets over the next decade, despite recent company struggles and strong opposition.
Tesla CEO Elon Musk secured a significant victory in a shareholder vote, approving a controversial pay package potentially worth $1 trillion. This package, which passed with over 75% approval, could make Musk history's first trillionaire if he achieves challenging goals over the next decade, including increasing Tesla's market value nearly sixfold, delivering 20 million electric vehicles, and deploying 1 million human-like robots. The vote occurred amidst debate over Musk's management, Tesla's plunging sales, and his political ventures, drawing criticism from large pension funds and corporate watchdogs. Despite opposition, many investors see Musk as essential for Tesla's future as an AI powerhouse and feared he might abandon the company if the package wasn't approved. Musk stated the vote was primarily about increasing his control over the company, particularly concerning the 'robot army,' rather than just the money. Shareholders also approved Tesla investing in Musk's xAI venture and rejected a proposal to ease shareholder lawsuits.
