Tesla shareholders approved CEO Elon Musk's compensation package potentially worth nearly $1 trillion last week, with 75% voting in favour. However, in order to get the trillion-dollar pay, Musk will have to meet certain performance targets over the next decade, including deploying a million robotaxis and producing a million humanoid robots. The company announced the vote results at its annual shareholders meeting in Austin, Texas on November 6. Tesla's board recommended approval of the pay package, which was introduced in September.
Performance targets for Elon Musk
Musk's compensation package consists of 12 separate stock grants that he would receive only if Tesla achieves specific performance targets over 10 years. The requirements include:
Tesla board’s justification on Elon Musk’s $1 trillion pay package
Tesla's board argued that rejecting the compensation package risked losing Musk to other business interests. The board positioned the deal as necessary to secure Musk’s commitment to Tesla's future as a leader in artificial intelligence (AI) and robotics.
The vote proceeded despite opposition from major investors, including Norges Bank Investment Management, which manages Norway's sovereign wealth fund. Major proxy advisory firms also recommended voting against the plan.
The approval gives Musk significant influence over the electric vehicle company and aims to prevent him from focusing attention on his other ventures, which include SpaceX, xAI, and Neuralink.
How ‘Big’ is Elon Musk’s pay package
Musk’s approved compensation package of approximately $878 billion is near to or more than the economic output of a few nations. According to World Bank data on 2024 GDP by country, the package is slightly less than Poland's economy at $915 billion. Poland has a population of 36 million people. The compensation is worth twice the GDP of Bangladesh, which has 174 million people.
Only 20 countries recorded a 2024 GDP larger than Musk's compensation deal, based on World Bank figures. The package exceeds the GDP of Belgium ($664.6 billion), Argentina ($633.3 billion), Sweden ($610.1 billion), Ireland ($577.4 billion), and Singapore ($547.4 billion). Notably, Musk is currently the world's richest person.
Performance targets for Elon Musk
Musk's compensation package consists of 12 separate stock grants that he would receive only if Tesla achieves specific performance targets over 10 years. The requirements include:
- Market capitalisation: Increase Tesla's market value from its current $1.5 trillion to $8.5 trillion.
- Robotaxi fleet: Deploy 1 million robotaxis into service.
- Vehicle sales: Sell 12 million additional cars.
- Full Self-Driving subscriptions: Achieve 10 million FSD subscriptions.
- Humanoid robots: Produce 1 million humanoid robots.
Tesla board’s justification on Elon Musk’s $1 trillion pay package
Tesla's board argued that rejecting the compensation package risked losing Musk to other business interests. The board positioned the deal as necessary to secure Musk’s commitment to Tesla's future as a leader in artificial intelligence (AI) and robotics.
The vote proceeded despite opposition from major investors, including Norges Bank Investment Management, which manages Norway's sovereign wealth fund. Major proxy advisory firms also recommended voting against the plan.
The approval gives Musk significant influence over the electric vehicle company and aims to prevent him from focusing attention on his other ventures, which include SpaceX, xAI, and Neuralink.
How ‘Big’ is Elon Musk’s pay package
Musk’s approved compensation package of approximately $878 billion is near to or more than the economic output of a few nations. According to World Bank data on 2024 GDP by country, the package is slightly less than Poland's economy at $915 billion. Poland has a population of 36 million people. The compensation is worth twice the GDP of Bangladesh, which has 174 million people.
Only 20 countries recorded a 2024 GDP larger than Musk's compensation deal, based on World Bank figures. The package exceeds the GDP of Belgium ($664.6 billion), Argentina ($633.3 billion), Sweden ($610.1 billion), Ireland ($577.4 billion), and Singapore ($547.4 billion). Notably, Musk is currently the world's richest person.
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