Tesla shareholders approve $1T pay package for Elon Musk
16 days ago
- #Tesla
- #Corporate Governance
- #Elon Musk
- Tesla shareholders approved Elon Musk's pay package, potentially worth up to $1 trillion over 10 years if benchmarks are met.
- Over 75% of shareholders voted in favor of the deal, which includes milestones like selling 1 million humanoid robots.
- Musk celebrated the approval, emphasizing a new chapter for Tesla, despite recent brand damage and falling revenue.
- The pay package aims to keep Musk focused on Tesla, requiring him to remain CEO for 7½ years to vest shares.
- Musk's wealth could reach $1 trillion, making him the first 'Four Comma Club' member, despite opposition from some investors.
- Tesla faces challenges, including brand damage from Musk's political stance and protests against his government role.
- Musk plans to revitalize Tesla by developing robots and robotaxis, though neither is currently available for public use.
- The pay package includes operational milestones like 20 million vehicle deliveries and 1 million robotaxis in operation.
- Musk's influence could grow to 12% of Tesla if market cap hits $8.5 trillion and milestones are achieved.
- A shareholder proposal to invest in Musk's xAI was inconclusive, with significant abstentions.