Tesla shareholders approve Elon Musk’s $1 trillion pay package

Thursday, Tesla Shareholders approved An unprecedented $1 trillion pay package To the CEO Elon Musk. The full compensation plan will go into effect by 2035, assuming the company succeeds in meeting its ambitious financial and production goals. If that happens, Musk would also gain control of about 25% of the business, compared to the 12% he currently controls. More than 75% of Tesla shareholders approved this move in an initial vote.

Musk celebrated the news on stage at the Tesla Gigafactory in Austin, Texas, where he appeared alongside two dancing humanoid robots, the company’s Optimus products. “Look at us, this is sick,” he said.

However, to achieve its goals, Tesla will have to lead industries far beyond electric cars, and ensure that Optimus can do much more than just dance. It will also have to overcome all competitors in the field of self-driving technology and robotics. “Tesla should be a market leader, not just in the United States, but also in Europe and other regions,” says Seth Goldstein, a senior equity analyst at financial services firm Morningstar.

Specifically, Tesla needs to reach a valuation of $8.5 trillion over the next 10 years, deliver 20 million vehicles to customers, field 1 million robots, operate 1 million robotaxis, and sell 10 million “full self-driving” subscriptions over three months — among other financial goals.

Before the vote, Tesla’s board argued that a higher pay package was necessary to retain Musk as CEO — and keep him focused on the car company. On a call with investors last month, Musk indicated that he would have difficulty pushing Tesla forward in robotics and self-driving if he did not have a strong influence on the automaker. “If we build this robot army, will I at least have a strong influence on this robot army?” he he asked. “I don’t feel comfortable building this robot army unless I have a strong influence.”

This is a developing story. Please check back for updates.