Elon Musk, $1 trillion from Tesla - Shareholders approve plan and support CEO's vision
Tesla CEO Elon Musk won shareholder approval for the highest pay in corporate history. Investors backed his vision to transform the electric vehicle company into an artificial intelligence and robotics giant.
The proposal was approved with over 75% of the vote, as Musk took to the stage at the company's annual meeting, accompanied by dancing robots.
Musk, already the world's richest man, could gain up to $1 trillion in stock over the next decade, although mandatory payments would reduce the value of the package to about $878 billion.
The vote is considered crucial for the future and valuation of Tesla, which relies on Musk's vision of building driverless vehicles, creating a network of "robot taxis" across the US, and selling humanoid robots.
The company's board warned that Musk could leave if the package was not approved. While some investors called it "extremely expensive and unnecessary," others saw it as the only way to keep Musk at the helm of Tesla and believed that the set goals would also benefit shareholders.
Shareholders also voted in favor of Tesla's investment in Musk's artificial intelligence startup, xAI, although there were many abstentions. Experts say that indicates the reluctance of some large investors to approve the deal without stronger board oversight.
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