Tesla CEO Elon Musk has secured shareholder approval for a record-breaking pay package that could be worth nearly $1 trillion (£760 billion).
The landmark deal, endorsed by about 75% of shareholders, was met with loud applause during Tesla’s annual general meeting on Thursday.
Under the agreement, Musk—already the world’s richest person—must significantly boost Tesla’s market value over the next decade. If he achieves a series of ambitious performance targets, he will receive hundreds of millions of additional Tesla shares as compensation.
While the size of the potential payout has sparked controversy, Tesla’s board defended the package, saying it was crucial to retain Musk’s leadership and warning that the company could risk losing him without such an incentive.
After the announcement, Elon Musk took the stage in Austin, Texas, where he danced amid cheers and chants of his name.
“What we’re about to begin isn’t just a new chapter for Tesla—it’s an entirely new book,” he told the crowd.
“Most shareholder meetings are boring, but ours are absolute bangers. Look at this—this is amazing,” he added.
To unlock the full value of his nearly $1 trillion compensation package, Musk must meet a series of ambitious goals over the next decade, including increasing Tesla’s market capitalization from its current $1.4 trillion to $8.5 trillion and deploying one million self-driving Robotaxi vehicles into commercial service.
However, during his remarks, Musk shifted much of the focus to Tesla’s humanoid Optimus robot—an emphasis that disappointed some analysts and long-time observers who had hoped he would concentrate on revitalizing the company’s core electric vehicle business.
