Tesla Shareholders Approve Elon Musk's Record Pay Package
Tesla shareholders have overwhelmingly accepted a pay package for Elon Musk that could reward him with nearly one trillion dollars in Tesla stock.
Meeting Approval and Package Details
At Tesla's annual shareholder meeting, the measure passed with 75% support. The package is conditional, with no salary involved. Musk will unlock stock worth about a trillion dollars only if Tesla reaches specific targets over the next ten years.
Performance Targets
- Musk must increase Tesla's market capitalization from approximately $1.5 trillion to over $8.5 trillion.
- This milestone aims at expanding Tesla's total stock value more than fivefold within the decade.
Context and Comparison
For perspective, Nvidia, currently the world's most valuable firm driven by AI advancements, is valued at $4.83 trillion. Nvidia’s CEO earns $50 million annually and owns 3.5% of the company.
Elon Musk's Current Wealth
“Musk is already unfathomably wealthy, worth some $460 billion, according to the Bloomberg Billionaires Index.”
Elon Musk was notably pictured arriving at the Tenth Breakthrough Prize Ceremony held at the Academy Museum of Motion Pictures in Los Angeles on April 13, 2024.
Summary: Tesla shareholders have approved an extraordinary pay package for Elon Musk, potentially awarding him nearly one trillion dollars in stock if ambitious growth targets are met.
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