Tesla shareholders approve $1-trillion pay package for Elon Musk

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Tesla shareholders voted to approve a $1-trillion compensation plan for Chief Executive Elon Musk, a record-breaking package intended to help the world’s richest person focus on the electric vehicle maker.Shareholders broke into applause and began chanting Musk’s name at the annual meeting Thursday, where it was announced that more than 75% of voters opted to support the pay plan.

Under the terms of the package, Musk will earn portions of Tesla shares incrementally if he reaches specific milestones related to company performance and valuation.Experts say Musk would still pocket billions of dollars even if he only meets a few of the targets.The milestones increase over time up to an $8.5-trillion company valuation and also include product goals, such as delivering 20 million vehicles, deploying 1 million robotaxis for commercial operation and garnering 10 million full self-driving subscriptions.

Musk stressed in the presentation after the meeting that he has big plans to build up to 1 million humanoid robots per year.Business Shareholders will vote in early November on whether to approve Elon Musk’s unprecedented pay package, which could make him the world’s first trillionaire.The plan could eventually award Musk a 25% stake in Tesla.

He currently owns about 13% of shares, making him the largest individual shareholder.Less than a year ago, a Delaware judge repeatedly blocked a smaller pay proposal.

In a letter late last month, Tesla board chair Robyn Denholm urged shareholders to vote in support of the package, writing that Musk might step down from his position if it was not approved.“The fundamental question for shareholders at this year’s Annual Meeting is simple,” Denholm wrote on Oct.

27.“Do you want to retain Elon as Tesla’s CEO and motivate him to drive Tesla to become the leading provider of autonomous solutions and the most valuable company in...