Tesla CEO Elon Musk could become the world’s first trillionaire following the approval of a $1 trillion pay package by the company’s shareholders.
The vote held Thursday at Tesla’s headquarters in Austin, Texas, saw over 75 percent of shareholders present backing the compensation plan, which ties Musk’s payout to long-term performance targets over the next decade.
According to Mail Online, the package guarantees Musk stock worth $1 trillion if Tesla meets specific milestones aimed at boosting the brand’s global dominance.
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“Fantastic group of shareholders,” Musk said after the vote, urging investors to “hang on to your Tesla stock.”
The vote followed intense debate over Musk’s leadership and whether such an unprecedented payout was justified.
Some investors reportedly feared that Musk might walk away from Tesla if the package was rejected, potentially triggering a sharp decline in share value.
Tesla shares, which have risen 80 percent over the past year, climbed another 1.5 percent in after-hours trading to $447.27 following the announcement.
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Musk stated that the vote was less about personal wealth and more about increasing his stake in Tesla to gain greater control over the company’s direction.
The vote came just days after a report from Europe revealed a significant drop in Tesla car sales, including a 50 percent decline in Germany last month.
