Tesla Shareholders Approve Elon Musk's Unprecedented Pay Package
Tesla shareholders have overwhelmingly approved a pay package for Elon Musk that could award him up to one trillion dollars in Tesla stock, contingent on meeting certain company targets.
During Tesla's annual shareholder meeting, the proposal passed with 75% of the vote, according to preliminary results.
Details of the Pay Package
- Musk will earn no salary.
- If Tesla meets specific goals within the next decade, Musk would unlock stock worth about one trillion dollars.
- One key target is to increase Tesla's market capitalization from approximately $1.5 trillion currently to over $8.5 trillion.
Context and Comparisons
By comparison, Nvidia, the world's most valuable company boosted by the AI boom, is valued at $4.83 trillion. Its CEO earns $50 million annually and owns 3.5% of the company.
Elon Musk is already immensely wealthy, with an estimated net worth of $460 billion according to the Bloomberg Billionaires Index.
Event Highlight
Elon Musk was seen arriving at the Tenth Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures in Los Angeles, California, on April 13, 2024.
Author's summary: Tesla shareholders approved an extraordinary pay deal for Elon Musk, potentially granting him a trillion dollars in stock based on ambitious growth targets over the next decade.
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