'Super-appreciate it...this is sick': Elon Musk could become world’s first trillionaire after THIS move by Tesla shareholders
&imwidth=600&imheight=450&format=webp&quality=medium "'Super-appreciate it...this is sick': Elon Musk could become world’s first trillionaire after THIS move by Tesla shareholders")
Elon Musk Photograph: (AFP)
Tesla shareholders approved a record $1 trillion pay package for CEO Elon Musk, with over 75% backing. The plan aims to keep him at Tesla for over seven years as it advances AI and robotics. Critics called it excessive amid falling sales, while supporters said it secures Musk’s leadership
Approximately 75 per cent of Tesla shareholders paved way for tech giant Elon Musk to become first trillionaire after they overwhelmingly supported massive pay package for him. A Tesla official after company's annual meeting said that the package aims to ensure Musk stays at Tesla for at least seven-and-a-half years. It would lift Musk's holding in Tesla from about 12 percent to more than 25 percent, AFP reported.
Tesla investors have showed their faith on Musk in the past, including a 2018 deal for about $55.8 billion pay package despite legal hurdles. However, business analysts say that the vote is crucial for Tesla's future even as Musk's political turn has hurt the Tesla brand this year. Meanwhile, shareholders also reelected three directors on Tesla's board and voted in favor of annual elections for all board members.
Musk, already the world's richest person according to Forbes's real-time list of billionaires, could get as much as $1 trillion in stock over the next decade. To become a trillionaire, Musk must hit 12 milestones related to market capitalisation to receive the full pay package. The first tranche would be available when Tesla reaches $2 trillion in market value, up from its current $1.5 trillion. The plan also involves product goals, such as the delivery of 20 million Tesla vehicles.
Reacting to the approval, Musk said, "I'd like to just give a heartfelt thanks to everyone who supported the shareholder votes. I super-appreciate it." "What we are about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book," Musk told a cheering group of shareholders. "Other shareholder meetings are like snoozefests, but ours are banger.I mean, look at this. This is sick, Musk added. He made slew of promises - from beginning production of the Cybercab, its 2-seater steering-less robotaxi, to unveiling its next-generation Roadster electric sports car, according to Reuters.
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