"Elon Musk won a shareholder vote on Thursday that would give the Tesla CEO stock worth $1 trillion if he hits certain performance targets over the next decade. The vote followed weeks of debate over his management record at the electric car maker and whether anyone deserved such unprecedented pay, drawing heated commentary from small investors to giant pension funds and even the pope."
"In the end, more than 75% of voters approved the plan as shareholders gathered in Austin, Texas, for their annual meeting. "Fantastic group of shareholders," Musk said after the final vote was tallied, adding "Hang on to your Tesla stock." The vote is a resounding victory for Musk showing investors still have faith in him as Tesla struggles with plunging sales, market share and profits in no small part due to Musk himself."
Shareholders approved a compensation plan that could give Elon Musk Tesla stock worth $1 trillion if he meets performance targets over the next decade. More than 75% of voters backed the package at the company’s Austin annual meeting. The plan requires ambitious financial and operational goals, including roughly a sixfold increase in market value and delivering 20 million electric vehicles over 10 years. Tesla faces plunging sales, market share and profits, with recent European sales declines including a 50% drop in Germany. Investors continue to place faith in Musk despite controversies from his political ventures and conspiracy-linked statements.
Read at Boston.com
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