Elon Musk’s $1 Trillion Tesla Pay Package Approved
Tesla shareholders have approved an unprecedented $1 trillion compensation plan for CEO Elon Musk, who is also the richest person worldwide.
Shareholder Approval
The proposal received strong support from 75% of Tesla’s shareholders during the annual general meeting held yesterday (Thursday). Musk and his brother, Kimbal Musk, a Tesla board member, participated in the vote. Elon Musk currently owns about 13% of Tesla’s shares.
Conditions for the Payout
This massive pay package is conditional on Musk achieving specific, ambitious targets. It consists of 12 tranches of stock options that will vest only after reaching certain financial and operational goals.
- The payout begins as Tesla’s market valuation reaches $2 trillion.
- Full vesting requires Tesla’s valuation to grow to approximately $8.5 trillion.
- Currently, Tesla’s market value stands at $1.54 trillion.
- Operationally, Musk must oversee the delivery of 20 million Tesla vehicles over the next decade, more than double the amount produced in the prior 12 years.
Significance
Elon Musk’s pay package, unprecedented in size, would make him the first dollar trillionaire upon full vesting.
The structure of this package reflects Tesla's ambitious growth vision and Musk’s key role in steering the company’s future achievements.
Author’s Summary
Elon Musk’s historic $1 trillion Tesla pay package depends on huge growth milestones, linking executive rewards directly to Tesla’s soaring valuation and production targets.
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