Tesla shareholders have approved a record-breaking pay package for CEO Elon Musk that could make him the world’s first trillionaire.
During Thursday’s annual shareholder meeting, Tesla announced that more than 75% of votes cast were in favor of the deal, excluding the 15% stake Musk already owns. “I super appreciate it,” Musk said after the vote, thanking shareholders and the board.
The package doesn’t include a salary but instead grants Musk up to 423.7 million Tesla shares over the next decade. If Tesla’s market capitalization hits $8.5 trillion — a 466% jump from current levels — the shares could be worth around $1 trillion. The payout would be distributed in 12 blocks tied to performance milestones, both financial and operational.
If fully realized, the deal would equate to Musk earning roughly $275 million a day, making it the most lucrative executive compensation plan in corporate history.
Currently, Musk’s wealth is estimated at $473 billion, mostly tied to his stakes in Tesla, SpaceX, and xAI. Tesla’s board had warned that a rejection of the deal could have led Musk to consider stepping down as CEO.
