Tesla CEO Elon Musk is set to become the world’s first trillionaire after more than 75% of the company’s shareholders approved as much as $1 trillion in stock over the next decade.
Shareholders voted in favor of the proposal at Tesla, based in Austin, reaffirming their faith in Musk’s leadership and vision to transform the electric vehicle pioneer into a technology powerhouse focused on AI, robotics, and autonomous systems.
Under the approved plan, Musk will receive stock awards only if Tesla achieves a series of ambitious performance and market milestones over the next decade.
These include delivering 20 million electric vehicles, deploying 1 million self-driving robotaxis, selling 1 million humanoid robots, and generating $400 billion in core profit.
If all targets are achieved, Musk would gain roughly 12% of Tesla’s shares, worth about $878 billion after adjustments.
Shares of Tesla rose more than 3 percent in after-hours trading after the shareholder voted on Thursday.
Shareholders also backed Tesla’s potential investment in Musk’s AI startup, xAI, despite concerns over conflicts of interest. The partnership could enhance Tesla’s self-driving technology while providing xAI with a major commercial client.
The pay plan approval marks a major victory for Musk at a time when his leadership has been under fire amid weakening sales and backlash over his political remarks.
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