Tesla shareholders approve $878B pay plan for Elon Musk
16 days ago
- #Tesla
- #Elon Musk
- #Shareholder Vote
- Tesla shareholders approved Elon Musk's $878 billion pay package with 75% support.
- The approval signals strong backing for Musk's vision to transform Tesla into an AI and robotics leader.
- Tesla's stock rose over 3% in after-hours trading following the shareholder vote.
- Shareholders also re-elected three Tesla board members and approved a replacement pay plan due to legal challenges.
- Musk emphasized Tesla's future ambitions during the shareholder meeting, including self-driving vehicles and humanoid robots.
- The pay package is tied to Tesla achieving milestones like delivering 20 million vehicles and reaching an $8.5 trillion valuation.
- Major investors, including Norway’s sovereign wealth fund, opposed the pay plan.
- The approval alleviates concerns about Musk's divided focus across Tesla, SpaceX, and xAI.
- Musk could earn up to $878 billion in Tesla stock over the next decade if performance targets are met.