Tesla Shareholders Approve Musk's Trillion-Dollar Pay Package
On Thursday, Tesla shareholders approved a historic remuneration package for CEO and major shareholder Elon Musk, with 75% of votes cast in favor. The plan aims to keep Musk involved with the company for the next decade by granting him shares valued at up to one trillion US dollars.
Details of the Remuneration Plan
Two months earlier, Tesla's board announced a proposal to award Musk shares worth nearly one trillion dollars over ten years if Tesla reached specific performance targets. Initially seen as far-fetched, this huge compensation package was overwhelmingly endorsed at Tesla’s annual general meeting held in Austin, Texas.
Voting Influence and Shareholder Support
- More than 75% of votes supported the plan.
- Musk’s ability to exercise voting rights on his 15% stake likely influenced the outcome.
Uncertainty and Conditions of the Pay
The remuneration is not guaranteed; it depends on complex milestones Tesla must meet. Robyn Denholm, Tesla’s chairwoman, highlighted this conditional nature:
"Musk would come away empty-handed if Tesla failed to achieve the targets set."
Summary
This package reflects Tesla’s confidence in Musk’s leadership but also ties his enormous compensation to the company’s future success.
Author’s summary: Tesla’s shareholders have approved a groundbreaking pay deal for Elon Musk, offering up to a trillion dollars in shares over ten years, contingent on achieving ambitious company goals.
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