Tesla Shareholders Approve Elon Musk's Trillion-Dollar Pay Package
Tesla shareholders have overwhelmingly approved a pay package for Elon Musk that could let him earn stock valued at around one trillion dollars. The decision was passed with 75% of the vote during Tesla's annual shareholder meeting.
Details of the Pay Package
The package is conditional: Musk will receive no salary but can unlock Tesla stock worth about $1 trillion if the company meets specific targets within the next decade. One of the key goals is to boost Tesla’s market capitalization from approximately $1.5 trillion today to over $8.5 trillion.
Comparison to Industry Peers
For context, Nvidia [finance:NVIDIA Corporation], currently the most valuable company globally, is valued at $4.83 trillion. Nvidia’s CEO earns $50 million annually and owns 3.5% of the company.
Musk’s Current Wealth and Past Pay Packages
Elon Musk is already extremely wealthy, with a net worth around $460 billion according to the Bloomberg Billionaires Index, mostly due to Tesla’s rising stock price, which is about $465 per share—over 400 times the value of Tesla’s 2010 IPO.
A previous pay package offering Musk $55.8 billion was challenged in court after concerns arose about the board’s close relationship with him in crafting the deal.
"Tesla shareholders have overwhelmingly approved a pay package of extraordinary proportions for Elon Musk, passing the measure with 75% of the vote."
"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."
Author's summary: Elon Musk's new pay deal could grant him nearly $1 trillion if Tesla's market value soars past $8.5 trillion, reflecting shareholder confidence and ambitious growth targets.
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