Elon Musk, the CEO of Tesla, has received shareholder approval for a record-breaking compensation package that could be worth up to $1 trillion (£760 billion). At the company’s annual general meeting on Thursday, the crowd enthusiastically applauded the historic deal, which was approved by 75% of votes.
Over the next ten years, Musk who is currently the richest man in the world—must significantly increase the market value of the electric vehicle company. He will receive hundreds of millions of additional shares if he accomplishes these goals. Although the size of the possible payoff has received criticism, the Tesla board contended that the firm could not afford to lose Musk and that he might quit if it was not authorised.
Musk danced to his name being chanted on stage in Austin, Texas, after the announcement. Presently going to start a completely new book, not just a new chapter in Tesla’s future,” he stated.
Many shareholder meetings are amazing, while others are snoozefests. Take a look at this. This is sick,” he continued. Raising Tesla’s market worth from $1.4 trillion at the time of writing to $8.5 trillion is one of the benchmarks Musk needs to reach during the following ten years in order to maximize his payment. Additionally, he would have to put a million self-driving Robotaxi cars into business.
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