• Tesla shareholders approved Elon Musk’s USD 1T pay package, giving him a chance to become the world’s first trillionaire.
• Musk must hit ambitious targets, including Tesla market value of USD 8.5T, 20 million EVs, and one million humanoid robots.
• The package comes amid plunging sales, controversies, and competition, yet investors still show confidence in Musk’s long-term vision.

Elon Musk 

Tesla CEO Elon Musk won shareholder approval for the largest corporate pay package in history. Already one of the wealthiest people on the planet, this USD 1 trillion CEO package is giving him the chance to become the world’s first trillionaire.

This came after weeks of debate over his management record at the electric car maker and whether anyone deserved such unprecedented pay. In the end, in their annual meeting in Austin, Texas, more than 75% of voters approved the plan.

This vote is a shocking victory displaying investors still have faith in Musk as Tesla struggles with plunging sales. Additionally, the vote came just three days after a report from Europe showing Tesla car sales plunged again last month, including a 50% collapse in Germany. Many buyers fled the company this year as he ventured into policies and dove into many controversies.

If successful, this will be the biggest pay package in corporate history. In order to get the full payout, Musk must increase the value of Tesla on the stock market and hit several operational targets.

Terms & Conditions 

Investors want Musk to increase and sustain Tesla market value milestones USD 8.5 trillion. In the first stage, in order to receive his first payout, he needs to reach USD 2 trillion in Tesla market value. In stages 2 to 10, he must hit nine more increases of USD 500 billion each. Finally, in stages 11 to 12, he must achieve two final increases of USD 1 trillion each.

The Tesla CEO also has to increase Tesla electric vehicles from 8 million to 20 million to the market over 10 years. This is amongst tough competition within the electric vehicle market. Additionally, he also has to deploy 1 million of his human-like robots that he has promised will transform work and home.

Within 10 years, he also has to increase the operating profit from USD 16.6 billion to USD 400 billion. In addition, he has to increase self driving subscribers from 930,000 to 10 million.