Tesla Shareholders Approve Elon Musk's Trillion-Dollar Pay Package
Tesla shareholders have approved an extraordinary pay package for Elon Musk, potentially earning him stock worth about one trillion dollars if the company meets specific milestones within the next decade. This decision was passed with 75% of the vote at Tesla's annual shareholder meeting, based on preliminary results.
Details of the Pay Package
Musk will receive no salary, but his compensation will be linked to Tesla stock that he can unlock by achieving ambitious targets. One key requirement is increasing Tesla's market capitalization from approximately $1.5 trillion today to over $8.5 trillion.
Context and Comparisons
- Tesla's current stock price is about $465 per share—over 400 times its value at the 2010 IPO.
- Musk's estimated net worth stands around $460 billion, according to the Bloomberg Billionaires Index.
- For comparison, Nvidia—valued at $4.83 trillion—is the most valuable company currently, with its CEO earning $50 million annually and owning 3.5% of the company.
Previous Compensation Package
A prior pay deal offering Musk $55.8 billion faced legal challenges after a judge found the board too close to Musk during its creation, leading to a prolonged court battle.
“Tesla shareholders have overwhelmingly approved a pay package of extraordinary proportions for Elon Musk, passing the measure with 75% of the vote, according to preliminary results announced at Tesla's annual shareholder meeting.”
“Musk would unlock Tesla stock worth about a trillion dollars if the company meets certain criteria within the next decade.”
“Musk is already unfathomably wealthy, worth some $460 billion, according to the Bloomberg Billionaires Index.”
Summary: Tesla shareholders approved an unprecedented trillion-dollar stock-based pay package for Elon Musk, tied to ambitious company growth targets over the next ten years.
Would you prefer the summary to be more formal or casual?