Tesla shareholders have approved CEO Elon Musk’s record-breaking pay package worth up to $1 trillion, with 75% voting in favour at the company’s annual meeting in Texas.
The deal requires Musk to boost Tesla’s market value from $1.4 trillion to $8.5 trillion and achieve milestones like launching one million self-driving Robotaxis.
Critics slammed the package as excessive, but the board said it was needed to keep Musk from leaving. After the vote, Musk celebrated on stage, calling it “a whole new book” for Tesla and highlighting the company’s Optimus robot project.
The approval comes despite falling car sales, regulatory probes into Tesla’s self-driving system, and opposition from major investors like Norway’s sovereign wealth fund and CalPERS.
Supporters, however, argue Musk remains Tesla’s “biggest asset,” with analysts predicting that the company’s AI ambitions will drive future growth.
