Tesla Shareholders Approve Elon Musk's Ambitious Pay Package
Tesla shareholders have overwhelmingly approved a pay package for Elon Musk that could potentially reward him with approximately one trillion dollars in Tesla stock, contingent on meeting specific company milestones.
Details of the Pay Package
The pay plan, approved by 75% of voters at Tesla's annual shareholder meeting, involves Musk earning no traditional salary but unlocking Tesla shares valued around one trillion dollars if certain targets are met within the next ten years.
- Key target: increasing Tesla's market capitalization from about $1.5 trillion currently to over $8.5 trillion.
- The package relies entirely on performance metrics tied to the company’s growth and valuation.
Context and Comparison
For perspective, Nvidia, the world's most valuable company amid the AI boom, is valued at $4.83 trillion. Nvidia’s CEO receives a $50 million annual salary and holds 3.5% ownership of the company.
Elon Musk's current net worth is estimated at around $460 billion, according to the Bloomberg Billionaires Index.
Event Snapshot
Elon Musk attended the Tenth Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures in Los Angeles, California, on April 13, 2024.
Summary
The unprecedented pay package reflects Tesla shareholders' confidence in Musk's ability to significantly expand the company's value over the next decade.
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