Tesla shareholders approved an epic $1 trillion pay package for Elon Musk. The deal was earlier proposed by Tesla’s board of directors. Over 75% of Tesla shareholders voted in favour of the pay package, the company said in its annual meeting.
Following this, many took to social media to share their reactions to the news. Among them is Michael Dell, founder and CEO of Dell Technologies, who shared a tweet congratulating Elon Musk.
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“75% is quite a decisive statement by Tesla shareholders. Congratulations Elon Musk.” The EV maker’s CEO reacted to the post with a “Thanks.”
Details about Elon Musk’s $1 trillion pay package:
It will award the Tesla CEO more than 423 million additional shares, reported Forbes. It will increase his stake in the company to about 25%. However, for the payout, Musk needs to ensure that Tesla achieves certain goals over the next decade.
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{{/usCountry}}It will award the Tesla CEO more than 423 million additional shares, reported Forbes. It will increase his stake in the company to about 25%. However, for the payout, Musk needs to ensure that Tesla achieves certain goals over the next decade.
Also Read: Billionaires eat together and pay everyone's tab, then Korean fried chicken stocks soar by 20%
{{/usCountry}}One of the main conditions is that Tesla's market capitalisation should increase from $1.5 trillion to $8.5 trillion within 10 years for Musk to receive his full compensation reward. In addition, the company should sell 12 million more cars and 10 million autonomous driving subscriptions.
Furthermore, reportedly under Musk’s leadership, Tesla should operate 1 million Robotaxis and sell 1 million Tesla Bots in the next decade.
World's first trillionaire?
The Tesla shareholders, by awarding the largest corporate payout in history to the world’s richest person, have set Elon Musk on a path to be the world's first trillionaire. However, to secure the title, he will need to meet the goals set by the electric vehicle company for the next decade.