Elon Musk Could Become World's First Trillionaire Through Tesla Shares
Elon Musk, the richest person globally, has the potential to become the world’s first trillionaire thanks to a Tesla shareholders’ vote. The vote allows Musk to receive Tesla shares valued at $1 trillion (£762 billion) if he achieves ambitious performance targets over the next decade.
Shareholder Approval and Musk’s Reaction
The plan was approved by more than 75% of Tesla shareholders during the annual meeting in Austin, Texas. Musk described the shareholders as a "fantastic group" and encouraged them to "hang on to your Tesla stock."
“Fantastic group of shareholders. Hang on to your Tesla stock.”
Controversy and Investor Sentiment
The proposal followed weeks of debate over Musk’s leadership and whether such a remarkable compensation package was justified. The news sparked varied reactions, including concerns from investors, pension funds, and even the pope.
Challenges Faced by Tesla
- Tesla has recently struggled with declining sales, shrinking market share, and lowered profits.
- Some attribute these issues partially to Musk's involvement in politics in the US and Europe and his tendency to share conspiracy theories online.
- Recent reports highlighted a sharp drop in Tesla sales in Europe, including a 50% decline in Germany last month.
Despite these challenges, the shareholder vote reveals continued investor confidence in Musk’s leadership and vision for Tesla.
Author’s Summary: Elon Musk's new Tesla share deal, backed by most shareholders, could make him the first trillionaire despite the company’s recent sales declines and public controversies.