Tesla shareholders approved a $1 trillion compensation package for CEO Elon Musk, the largest payout ever awarded to a corporate leader.
More than 75% of votes were cast in favor of the unprecedented pay plan, the company said Thursday at its annual meeting. The outcome caps a weekslong campaign by the electric vehicle maker¡¯s board, its CEO and prominent retail investors to build support.
The pay agreement clears a path for Musk, the world¡¯s richest person, to become the first ever trillionaire and expand his stake in Tesla to 25% or more over the next decade. To achieve the full payout, he¡¯ll have to deliver on targets to significantly expand Tesla¡¯s market value, revive its flagging car business and get the fledgling robotaxi and robotics efforts off the ground.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.