Elon Musk's $1tn pay deal approved by Tesla shareholders

BBC

7 hours ago

YoyoFeed Ai Summary

Tesla shareholders have approved a record-breaking pay package for CEO Elon Musk, potentially worth nearly $1 trillion. The deal, passed by 75% of votes at the company's annual general meeting, requires Musk to significantly increase Tesla's market value over the next decade, reaching targets like $8.5 trillion and deploying a million self-driving Robotaxis. This approval comes after a previous similar pay package was rejected by a Delaware judge. The scale of the proposed compensation has drawn criticism, but the Tesla board argued that Musk's departure would be detrimental to the company. Musk celebrated the approval with a dance and expressed excitement about a "whole new book" for Tesla, seemingly prioritizing advancements in robotics like Optimus, though he also mentioned progress on self-driving technology. The pay package faced opposition from major institutional investors like Norw... download the app to read more

ay's sovereign wealth fund and CalPERS, leading Musk to rely more heavily on Tesla's retail investors. His brother, Kimbal Musk, who is also on the board, was permitted to vote. The company engaged in a marketing effort to secure the vote, which raised concerns among some corporate governance experts. Tesla shares saw a slight increase in after-hours trading following the announcement.

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