Tesla Shareholders Approve Elon Musk's Landmark Pay Package
Tesla shareholders overwhelmingly approved a pay package for Elon Musk that could potentially earn him up to one trillion dollars in stock. This decision was announced during Tesla's annual shareholder meeting, with about 75% of voters in favor.
Details of the Pay Package
The compensation plan is conditional and involves no salary. Instead, Musk would receive Tesla stock valued at approximately one trillion dollars if the company achieves certain demanding targets within the next ten years.
- One key target is increasing Tesla's market capitalization from around $1.5 trillion to more than $8.5 trillion.
Context and Comparison
To put the target into perspective, Nvidia, currently the world's most valuable company valued at $4.83 trillion, offers its CEO a salary of $50 million annually and a 3.5% stake in the company.
Elon Musk is already one of the wealthiest individuals, with an estimated net worth of approximately $460 billion, according to the Bloomberg Billionaires Index.
Public Appearance
Elon Musk was seen at the Tenth Breakthrough Prize Ceremony held at the Academy Museum of Motion Pictures in Los Angeles on April 13, 2024.
Author's summary: Tesla approved a historic pay deal for Elon Musk that could reward him with a trillion dollars in stock if strict company growth goals are met within ten years.