Tesla Shareholders โBack Musk’s $56โ Billion Pay Package, Settingโค Enterprising Targets for Robots, sales, and Valuation
WILMINGTON, โDE – Tesla โฃshareholders overwhelmingly โapproved a $56 billion compensation โฃpackage for CEO โElon Musk, โtyingโ his payout to a seriesโค ofโฃ aggressive growth targets encompassing unprecedented vehicle sales, robot production, and a six-fold increase in the company’s stock market value.The approval, secured with 75% of shareholder votes, paves theโ way forโ Musk, currently the world’s richest person, to increase his stakeโค in Tesla from 15% โto 25%.
To fully realize the remuneration, Tesla must reach an $8.5 billion market โฃcapitalization within 12 years – a significant leap considering current valuations. Nvidia currently leads as the world’s most valuable company at โ$4.45 billion, while Tesla stands at โ$1.42โ billion. Beyond financial metrics,the plan demands the sale of 20 million vehicles,1 million Optimus robots,and 1 โฃmillion fully autonomous vehicles within the same timeframe. โ
If all objectives are met,โฃ Musk’s total stake in Tesla could be โฃworthโ approximately $2.4 trillion,exceeding his current net worth of around $460 billion. Tesla anticipates launching production ofโค three key products inโฃ the coming year: the Optimus robot, the long-delayed Semi truck,โ and the Cybercab, a steering-wheel-less โฃvehicle.
Shareholder enthusiasmโค wasn’t universal. While a proposal to invest in Musk’s artificial intelligence startup, xAI, received more favorable votes than rejections, a substantial number of shareholders abstained, leaving the board โฃto determine next steps for a potential $5 billion investment.
Musk also revealed his ambition for Tesla shareholders to participate in SpaceX, the space services company, potentiallyโ through an initial public offering. SpaceXโฃ is currently valued at nearly $400โ billion, second only to โOpenAI at $500 โขbillion, bothโ co-founded by Musk.