Elon Musk, CEO of Tesla, secured shareholder approval for a $1 trillion stock pay package contingent on meeting ambitious company performance targets over the next decade. Despite recent challenges including falling sales and market share, over 75% of shareholders voted in favor during the annual meeting in Austin, Texas. The package is designed to incentivize Musk to drastically increase Tesla’s stock value nearly sixfold, deliver 20 million electric vehicles, and deploy one million humanoid robots. While some major pension funds and watchdogs opposed the package citing concerns about Musk’s management and the size of the compensation, supporters argue that Musk’s leadership is critical for Tesla’s future as an AI and robotics powerhouse. The approval also strengthens Musk’s control over Tesla, doubling his ownership stake. Additional shareholder votes approved Tesla investing in Musk’s other venture, xAI, and dismissed a proposal to lower shareholding thresholds for lawsuits against Tesla.
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