Shareholders Approve Record Pay Package
The world's richest person, Elon Musk, is a step closer to achieving another milestone many only dream of. Tesla shareholders have approved a gigantic pay package for the firm's chief executive officer valued at nearly one trillion dollars, which can make Musk the first trillionaire in history.
During Tesla's annual meeting on Thursday, over 75% of shareholders voted in favour of the proposal. After the vote, an overjoyed Musk thanked the shareholders. Even while celebrating, he came onto the stage dancing with a robot. Shortly, a video of the scene went viral. Musk thanked all supporters for their confidence in him. Tesla's share price increased after the announcement, reported Reuters.
Package Information and Future Impact
This new pay deal aims to secure Musk for Tesla for at least seven and a half more years. When the plan was first discussed in September, Musk held about a 12% stake in Tesla. Under the terms of the new package, his ownership could go as high as 25%, bringing him approximately $237 million daily.
The package now stands as the largest salary deal ever offered to a corporate leader. Tesla’s board also warned shareholders of the potential risks of approving such a huge compensation plan. They mentioned that if the proposal was not supported, Musk might consider leaving the company.
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