Musk’s $1-trillion Tesla Pay Plan Gains Shareholder Approval
Tesla CEO Elon Musk won shareholder backing on Thursday for the largest corporate pay package ever, as investors supported his vision of transforming the electric vehicle maker into a leader in AI and robotics. The proposal passed with over 75% support.
Musk entered the company’s annual meeting at the Austin, Texas factory accompanied by dancing robots. The world's richest person could receive up to $1 trillion in stock over the next ten years, though required payments would reduce this to about $878 billion.
This vote is vital for Tesla’s future and valuation, both of which depend on Musk’s plan to develop self-driving cars, build a nationwide robotaxi network, and sell humanoid robots. Despite his far-right political rhetoric damaging Tesla’s brand this year, the board indicated Musk might leave without the pay package.
While some investors criticized the package as overly expensive and unnecessary, many viewed it as essential to keep Musk, believing the ambitious targets would benefit shareholders as well.
“What we are about to embark on is not merely a new chapter of the future of Tesla, but a whole new book,” Musk told a cheering crowd of shareholders.
Musk also promised several milestones, including starting production of the Cybercab—Tesla’s two-seater, steering-less robotaxi—by April and unveiling the next-generation Roadster electric sports car.
Summary
Elon Musk secured shareholder approval for a record $1-trillion pay plan, reinforcing Tesla's future focused on AI, autonomous vehicles, and robotics despite corporate challenges.