Tesla Shareholders Approve Elon Musk's Record-Breaking Pay Package
Tesla shareholders have overwhelmingly approved a new compensation plan for Elon Musk that could see him earn up to one trillion dollars in stock over the next decade. The vote passed with 75% support, according to preliminary results from Tesla's annual shareholder meeting.
Details of the Pay Package
The package is performance-based and does not include a salary. Musk would unlock Tesla shares worth approximately one trillion dollars if the company meets ambitious milestones. A key requirement is raising Tesla's market capitalization from about $1.5 trillion currently to over $8.5 trillion within ten years.
Context and Comparisons
- Tesla’s current stock price is approximately $465 per share, over 400 times more valuable than at its 2010 IPO.
- Nvidia, the world’s most valuable company at $4.83 trillion, pays its CEO $50 million annually and he owns 3.5% of the company.
- Elon Musk’s personal wealth is estimated at $460 billion according to the Bloomberg Billionaires Index.
Previous Compensation Controversy
Musk’s prior pay deal, valued at $55.8 billion, became mired in legal disputes after a judge ruled that Tesla’s board was too close to Musk when approving it.
"Tesla shareholders have overwhelmingly approved a pay package of extraordinary proportions for Elon Musk, passing the measure with 75% of the vote."
"The package is conditional: Musk would earn no salary, but would unlock Tesla stock worth about a trillion dollars if the company meets certain criteria within the next decade."
Summary: Tesla's shareholders have approved an unprecedented pay package for Elon Musk, potentially awarding him up to a trillion dollars in stock if the company reaches ambitious future milestones.
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