Tesla Shareholders Decide Elon Musk Should Be the World's First Trillionaire [View all]

Source: Gizmodo

On Thursday, Tesla shareholders approved CEO Elon Musk’s pay package worth as much as $878 billion, an outcome that was widely expected. Musk received 75% approval in the vote. The compensation plan will hand over that wealth in 12 tranches of stock, provided various milestones are hit over the next decade.

The vote occurred at Tesla’s annual shareholder’s meeting in Austin, Texas, and the first milestone that would unlock one of Musk’s 12 payments would be Tesla reaching a market cap of $2 trillion. The company’s market cap currently sits at $1.4 trillion.

Other metrics include delivering 20 million Tesla vehicles, as well as deploying 1 million robotaxis and 1 million humanoid robots. Musk currently holds about 13% of Tesla shares and, if all of the milestones are hit, he would increase his stake to about 25%, according to CNBC.

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Musk, the wealthiest man in the world, insisted in the lead up to the vote that he deserved the pay package and it wasn’t actually about the money. The billionaire claimed that he needed the vote from shareholders to have influence over Tesla’s “robot army,” trying to suggest that his developments with the Optimus robot could be dangerous if they fall into the wrong hands. Musk has made similar claims about AI potentially destroying humanity if not guided correctly against what he calls the “woke mind virus.”

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Read more: https://gizmodo.com/telsa-shareholders-decide-elon-musk-should-be-the-worlds-first-trillionaire-2000682469