Tesla shareholders approved Elon Musk’s record pay package, potentially worth up to $1 trillion and raising his ownership to around 25% if Tesla hits aggressive market cap and performance goals. Support topped 75% despite opposition from major institutions, signaling confidence in Musk’s push into autonomous vehicles and robotics.
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Tesla shareholders approved a record-setting pay package for Elon Musk that could grant him up to $1 trillion in stock, according to The Wall Street Journal.
00:09The owner could gain control of as much as 25% of the company if he meets targets to expand Tesla's market value to $8.5 trillion.
00:16The plan was supported by over 75% of votes and seen as a referendum on Musk's leadership and his push toward humanoid robots and AI.
00:23Proxy advisors and several major institutional investors opposed the deal, setting concerns over its cost and structure.
00:30Tesla's board defended it as performance-based compensation tied to ambitious milestones such as vehicle sales, robot production, and adjusting EBITDA growth.
00:38Tesla's board said that package insurance Musk remains motivated to transform the company through new technologies like autonomous vehicles and robo-taxes.
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