Elon Musk, Chief Executive Officer of Tesla, has cleared a major hurdle on his path to potentially becoming history’s first trillionaire. At the company’s annual meeting in Austin, Texas, more than three-quarters of shareholders approved a massive compensation package that could grant him stock valued at $1 trillion if Tesla meets several demanding performance goals over the next decade, Associated Press reported.
The approval follows weeks of heated debate about Musk’s management record and whether any executive should receive such unprecedented rewards. Even with plunging sales and profits, a majority of investors reaffirmed faith in Musk, who has often dominated headlines for his political views and online behaviour. “Fantastic group of shareholders,” he said after the vote, urging investors to “hang on to your Tesla stock.”
The deal will give Musk additional shares only if he achieves ambitious targets — from raising Tesla’s market value nearly sixfold to delivering 20 million electric vehicles and deploying one million humanoid robots that he says will “transform work and home.” As AP highlighted, these milestones would more than double Tesla’s lifetime output and hinge on success in an increasingly crowded EV and AI market.
Critics, including large funds such as CalPERS and Norway’s sovereign wealth fund, opposed the move, calling it excessive. Musk’s supporters, however, said his leadership was essential as Tesla evolves into an artificial intelligence-driven company.
Tesla shares initially climbed in after-hours trading after the result before settling flat at $445.44. Musk said the package is less about money than influence, as it boosts his stake to nearly 30%, ensuring stronger control over Tesla’s next chapter — from autonomous cars to his envisioned “robot army.”
