Summary
Tesla's shareholders approved a large pay plan for CEO Elon Musk, which could be worth up to $878 billion over the next decade. This vote supports Musk's goal of turning Tesla into a leader in artificial intelligence and robotics. The approval required Musk to meet specific goals to receive the payment.
Key Facts
- Tesla shareholders approved a pay package for Elon Musk worth up to $878 billion over 10 years.
- The approval vote received over 75% support from shareholders.
- Shares of Tesla rose more than 3% in after-hours trading following the announcement.
- Musk aims to transform Tesla into a major player in AI and robotics.
- The pay plan includes milestones Musk must achieve, such as delivering 20 million vehicles and using 1 million robotaxis.
- Musk's potential pay depends on Tesla's stock value reaching $2 trillion and eventually $8.5 trillion.
- Musk's pay plan faced opposition from some major investors like Norway’s sovereign wealth fund.
