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Tesla’s CEO, Elon Musk, has had an unprecedented compensation package approved by shareholders that could be valued at nearly $1 trillion (£760 billion).
The extraordinary agreement received approval from 75% of voters and was met with enthusiastic applause from attendees at the company’s annual general meeting on Thursday.
“What we’re about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book,” he said.
Musk, already the wealthiest person in the world, needs to significantly increase the electric vehicle manufacturer’s market value over the next decade. If he succeeds in this and meets several benchmarks, he will earn hundreds of millions of additional shares.
The potential earnings have faced criticism, but the Tesla board contended that Musk might depart from the company if the deal wasn’t sanctioned—and that losing him would be detrimental.
To fully maximise his compensation over the upcoming ten years, Musk must accomplish various goals, including increasing Tesla’s market valuation from $1.4 trillion to $8.5 trillion based on the current figures. He must also deploy a million self-driving Robotaxi vehicles into commercial service.
However, his initial comments on Thursday shifted the focus to the Optimus robot, disappointing some long-standing analysts and Tesla observers who prefer Musk to concentrate on revitalising the electric vehicle sector.
US authorities are examining Tesla’s self-driving capabilities following several incidents in which the vehicles ran red lights or drove in the wrong lanes, some resulting in accidents and injuries.
Tesla shares saw a slight increase in after-hours trading but have jumped over 62% in the past six months.
Sales have declined in the year since Musk began his association with US President Donald Trump—a relationship that deteriorated earlier this spring.
Musk already owns 13% of Tesla’s shares. Shareholders had previously approved a compensation package valued in the tens of billions, contingent on his achieving a tenfold increase in the company’s market value, which he accomplished. However, a judge in Delaware invalidated that pay agreement, citing that Tesla board members had too close a relationship with Musk.
Tesla has shifted its incorporation from Delaware to Texas, and the Delaware Supreme Court is currently reviewing the lower court’s decision.
