Tesla Shareholders Approve Elon Musk's Trillion-Dollar Pay Package
Tesla shareholders have overwhelmingly approved a remarkable pay package for Elon Musk, securing 75% of the vote at the company's annual meeting. This compensation plan could award Musk nearly one trillion dollars in Tesla stock if he meets specified targets within the next ten years.
Details of the Pay Package
- Musk will receive no salary as part of this deal.
- The payout is tied to Tesla hitting ambitious goals, including increasing the company's market capitalization from roughly $1.5 trillion to over $8.5 trillion.
Context and Comparison
For perspective, Nvidia, currently the world's most valuable company at $4.83 trillion, pays its CEO $50 million annually and the CEO owns 3.5% of the company.
Tesla shareholders voted Thursday on a pay package that could award Musk a trillion dollars' worth of Tesla stock if he meets certain targets.
Musk is already unfathomably wealthy, worth some $460 billion, according to the Bloomberg Billionaires Index.
Elon Musk arrived for the Tenth Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures in Los Angeles on April 13, 2024.
Summary
This pay package ties Elon Musk’s compensation directly to Tesla’s performance, incentivizing long-term growth with a potential payout unprecedented in corporate history.
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