NEW YORK (MetaNews) — Elon Musk, CEO of Tesla and SpaceX, has gained a pivotal opportunity to become the first trillionaire in history following a shareholder vote on Thursday. More than 75% of voting shareholders at Tesla’s headquarters in Austin, Texas, greenlit a plan that could reward Musk with stock options totaling $1 trillion if he meets specific performance criteria over the next decade.
The vote came amidst heated discussions regarding Musk's management style and recent controversies, including his forays into politics and the conspiracy theories surrounding him. Supporters argue that this financial incentive is necessary to keep Musk focused on enhancing Tesla’s technological innovations, particularly the development of self-driving capabilities and a 'robot army' of human-like machines.
Despite facing a 50% drop in sales in major markets like Germany and growing competition, the shareholder's decision underscores a continued belief in Musk’s leadership. “Fantastic group of shareholders,” Musk stated after the vote, urging investors to "Hang on to your Tesla stock."
The ambitious pay package requires Musk to increase Tesla's market value nearly sixfold and deliver 20 million electric vehicles over the next ten years. Although substantial challenges await, meeting these targets could elevate Musk beyond the peak wealth of historical figures like John D. Rockefeller.
The approval didn't come without dissent; several prominent investors expressed concerns over the compensation structure, warning that it excessively favors Musk amidst Tesla's turbulent performance. Nonetheless, investors reacted positively to the news, with Tesla shares rising in after-hours trading.
Musk's strategy involves gaining greater control over Tesla, with his stake in the company set to increase significantly. As he pivots towards unleashing the company's future 'robot army', Musk's financial journey toward becoming a trillionaire is one that watchful investors will stop to witness.
