Tesla Shareholders have approved a record-breaking package for Boss Elon Musk that will be worth around $1TN (£760bn).
The unprecedented agreement recommended by the firm’s board, cleared a vote from shareholders at the company’s annual general meeting on Thursday.
The deal requires Musk, who is already the world’s richest man, to increase the value of the electric car market over a period of years. If he meets different targets, he will be rewarded with hundreds of millions of new shares.
The scale of the deal is controversial, but the Tesla Board has argued that Musk can leave the company if it is not approved – and it will not be lost on him.
PAVE PACKE PAFCAPED SHOWN 75% OF TESLA SHAROHROLOLDERS casting ballots, drawing loud applause from the audience at the AGM, Texas.
“What we know is not only a new chapter in the future of Tesla, but a new book,” Musk told the stage to more cheers.
“Other shareholder meetings are snoozefests but ours are bangers. Look at this. It’s sick,” Musk said.
The Pay Package requires Musk to meet a series of milestones to achieve a massive payday.
This includes increasing Tesla’s market value to $8.5TN from $1.4TN at the time of writing.
He also needs to get one million self-driving “Robotaxi” vehicles into commercial operation.