Elon Musk reacts to $1trillion pay deal approved by Tesla shareholders: 'Time to pull a LOT of rabbits out of the bag'

Tesla shareholders have approved a massive pay package for CEO Elon Musk, potentially worth up to $1 trillion in stock over the next decade. The deal, which received 75% support, is contingent on Musk achieving ambitious performance targets related to Tesla's expansion in AI, robotics, and a US robotaxi network. Musk reacted by stating, "Time to pull a LOT of rabbits out of the hat," and expressed his gratitude to the shareholders, advising them to "Hang on to your Tesla stock." The plan aims to drive Tesla's growth by standardizing driverless cars, establishing a robotaxi network across the US, and selling AI robots to the public. Musk's ambitious goals for the next decade include delivering 20 million vehicles, having 1 million robotaxis in use, selling 1 million robots, and generating $400 billion in profit. However, realizing the full value of Musk's compensation requires Tesla's stock value to significantly increase from its current $1.5 trillion to $8.5 trillion. The vote also saw the re-election of three directors and the approval of a replacement p... download the app to read more