Elon Musk's $1 trillion Tesla pay plan wins shareholder approval

STORY: UPSOT".... approved!" Tesla CEO Elon Musk won shareholder approval on Thursday for the largest corporate pay package in history.That was after investors endorsed his plan of morphing the EV maker into an AI and robotics juggernaut.:: FileThe vote was crucial for Tesla's future and its valuation, which hangs on Musk's vision, even though his far-right political rhetoric has hurt the Tesla brand this year.Musk, already the world's richest person, could get as much as $1 trillion in stock over the next decade, netting $878 billion after required payments.Musk bounded to the stage of the company's annual meeting in Austin, Texas, accompanied by dancing robots.Goals for Musk over the next decade include the company delivering 20 million vehicles, having 1 million robotaxis in operation, selling 1 million robots and earning as much as $400 billion in core profit."As far as I can see, the only option is to go build some very big chip fab."But for him to get paid, Tesla's stock value has to rise in tandem, first to $2 trillion from the current $1.5 trillion, and all the way to $8.5 trillion.Achieving each step, which includes an operational goal and a valuation milestone, awards Musk 1% of stock.If Musk hits all of them, he would be eligible for 12% in stock, or about $1 trillion.Some major investors had opposed the plan, saying the pay could decrease shareholder value.Tesla's board had said Musk could quit if the pay package was not approved.The vote allays investor concern that Musk's focus would turn to running his other companies, including rocket maker SpaceX and xAI.Musk has said he was more interested in the higher voting stake he would get in Tesla as part of the pay package, rather than the money. That's as he gears up to sell a "robot army."

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