Elon Musk Could Become History’s First Trillionaire with Tesla Pay Package
The world’s richest man was recently given a chance to become history’s first trillionaire. Elon Musk won a shareholder vote on Thursday that would grant him Tesla stock valued at $1 trillion, contingent on meeting specific performance goals over the next decade.
Shareholder Vote and Reactions
The vote followed intense debate about Musk’s leadership at Tesla and whether such a massive compensation package was justified. The discussions drew reactions from a wide range of stakeholders, including small investors, large pension funds, and even the pope.
- More than 75% of voters approved the pay plan during Tesla’s annual meeting in Austin, Texas.
- After the vote, Musk said,
“Fantastic group of shareholders. Hang on to your Tesla stock.”
Challenges Facing Tesla Under Musk
Despite this strong show of support, Tesla has faced significant difficulties this year. Sales, market share, and profits have all dropped sharply, with some of the company’s troubles linked to Musk himself.
Car buyers have turned away as Musk has become involved in political controversies in both the U.S. and Europe and propagated conspiracy theories.
Recent Sales Decline
The shareholder vote occurred just three days after a European report highlighted another steep decline in Tesla car sales last month, including a 50% drop in Germany.
Nevertheless, the vote reflects investors’ continuing confidence in Musk despite these challenges.
“Fantastic group of shareholders,” Musk said after the final vote was tallied, adding, “Hang on to your Tesla stock.”
Author's Summary
Elon Musk secured a $1 trillion stock package approval amid Tesla’s sales struggles, demonstrating continued investor confidence despite controversies and declining performance.
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