At Tesla’s annual shareholder meeting, investors overwhelmingly approved a compensation package for Elon Musk that could be worth up to $1 trillion. The endorsement, with over 75% of the vote, concludes a long-running debate over his pay.
The package is contingent on Musk achieving extremely ambitious milestones, including increasing Tesla’s market cap to $8.5 trillion and selling 12 million vehicles annually. A separate proposal regarding a potential Tesla investment into Musk’s xAI startup was less definitive, with the board stating it will examine next steps.
Following the results, Tesla’s stock initially rose. During his address, Musk discussed production challenges with the Optimus robot and revealed that Tesla will likely need to build a “gigantic” chip fabrication plant to meet its needs.
