"On Thursday, 75% of Tesla shareholders voted to approve his proposed $1 trillion pay package as the company's CEO, contingent on a set of performance metrics he would need to meet over the next decade. And based on the standing ovation and exuberant cheering Musk received at the shareholder meeting, Tesla superfans in attendance seemed to love it. "Howdy, Elon," said one attendee during the Q&A portion of the meeting. "Congrats on not having to show up to work for free anymore.""
"The massive compensation package is in hopes that Musk could increase Tesla's market cap by more than sixfold and create a million robots. For comparison, Jensen Huang, the CEO of Nvidia, the world's most valuable company, is expected to receive about $49.9 million in pay in 2025. Ian Keas, managing director of Gallagher's executive compensation consultancy team, told Business Insider that it's rare for a pay package to carry such high stakes. "Moon shoot incentives have been, for some time, pretty rare," said Keas. "You don't normally see these types of pay packages in US publicly traded companies.""
"Musk's pay plan is contingent on Musk achieving several challenging goals. To earn the full $1 trillion, Musk must boost Tesla's market cap to $8.5 trillion by 2035, sell 12 million vehicles a year, and deploy one million robotaxis and one million humanoid robots. Jesse Fried, a professor of law at Harvard Law School, told Business Insider that the decision makes sense due to the "huge upside to keeping Musk hyper-focused on Tesla.""
Seventy-five percent of Tesla shareholders approved a $1 trillion, performance-based compensation package for Elon Musk that spans the next decade. The package requires Musk to raise Tesla's market capitalization to $8.5 trillion by 2035, sell 12 million vehicles annually, and deploy one million robotaxis plus one million humanoid robots. Some large shareholders, including the world's largest wealth fund, voted against the plan. A Delaware judge previously struck down Musk's earlier $56 billion pay package. The shareholder meeting featured enthusiastic public reaction, and the package far exceeds typical CEO pay comparisons such as Nvidia's expected $49.9 million.
Read at Business Insider
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