Tesla shareholders have approved a record-breaking compensation package for CEO Elon Musk, clearing the way for him to potentially become the world’s first trillionaire. The vote, held at Tesla’s annual meeting in Austin, Texas, saw more than 75 percent of investors back the plan, despite weeks of heated debate among pension funds, small investors, and even religious leaders over whether such unprecedented pay was justified.
The package grants Musk stock worth up to $1 trillion, but only if he meets a series of ambitious performance targets over the next decade. These include:
- Raising Tesla’s market value nearly sixfold to around $8.5 trillion.
- Delivering 20 million electric vehicles within ten years, more than double the company’s total production since its founding.
- Deploying 1 million humanoid robots, Musk’s so-called “robot army,” to workplaces and homes.
- Expanding Tesla’s autonomous driving and robotaxi programs to massive scale.
Intermediate milestones will unlock portions of the stock, meaning Musk could add billions to his fortune even before reaching the ultimate goals.
The vote comes at a turbulent time for Tesla. Recent reports show plunging sales in Europe, including a 50 percent collapse in Germany, as the company faces stiff competition from rivals and backlash over Musk’s political ventures and controversial public statements. Despite this, many investors continue to view Musk as a visionary capable of repeating past feats, such as pulling Tesla back from near-bankruptcy to becoming one of the world’s most valuable companies.
After the vote, Musk thanked shareholders, saying: “Fantastic group of shareholders. Hang on to your Tesla stock.”
The approval underscores investor faith in Musk’s leadership, even as Tesla grapples with declining profits and market share. If Musk succeeds in hitting the targets, he will not only cement Tesla’s dominance in the electric vehicle and robotics industries but also secure his place in history as the first trillionaire.
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