Summary
Tesla shareholders approved a pay package for Elon Musk that could potentially make him the world's first trillionaire. This package ties Musk's earnings to ambitious growth targets for Tesla. More than 75% of shareholders supported the plan, which replaces a previous deal that a judge had overturned.
Key Facts
- Tesla shareholders agreed to a pay package for Elon Musk worth up to nearly $1 trillion.
- The pay package links Musk's earnings to Tesla meeting significant growth goals, including market value targets.
- More than 75% of shareholders supported this new compensation plan.
- The package replaces an earlier deal that a judge nullified due to improper disclosure.
- Musk suggested he might leave Tesla if the package was not approved, citing concerns about his future control over the company.
- If certain targets are met, Musk could increase his ownership to about 25% of Tesla.
- At least one major shareholder, Norway's Norges Bank Investment Management, voted against the plan due to concerns about its size and the risks involved.
