Tesla Shareholder Meeting Updates: Elon Musk Gets His Pay Package

Elon Musk simply scored a pay bundle that would make him the world’s first trillionaire. Now comes the arduous half — reaching 12 bold milestones.

With over 75% of votes, Tesla shareholders accepted a compensation plan on Thursday price as much as $1 trillion, capping a yearslong saga over Musk’s pay.

Tesla’s annual shareholder assembly kicked off Thursday afternoon shortly after 4:15 p.m. ET at its Austin headquarters. A restricted variety of shareholders are attending in particular person, and Tesla can be livestreaming the assembly.

Tesla traders voted on a number of proposals. Chief amongst them is Musk’s pay bundle, which is contingent on reaching some lofty targets. To earn the total $1 trillion worth, Musk should increase Tesla’s market cap to $8.5 trillion by 2035, promote 12 million autos a yr, and deploy a million robotaxis and a million humanoid robots.

The pay bundle proposal proved divisive.

Weeks forward of the vote, proxy advisory companies ISS and Glass Lewis have each urged shareholders to reject the proposal.

Musk referred to as the proxy companies “company terrorists” throughout Tesla’s recent earnings call, and board chair Robyn Denholm warned shareholders in an October letter that Musk may stroll away from the corporate if they do not approve his compensation.

Tesla’s shares have recovered from a pointy downturn earlier within the yr, however its gross sales face an unsure future after the top of the EV tax credit score within the US and elevated competitors from different automakers.