""While we believe Elon is the only person capable of leading Tesla at this critical inflection point, changing the world is neither an overnight process nor the work of a single person," Tesla's Board wrote in a letter to shareholders in August. "So, we also want your help in securing the team and strategy needed to achieve goals that others will perceive as impossible but that we know are possible for Tesla.""
"If all goes to plan, Musk's stake in Tesla will rise from about 13% to nearly 29%-a level of control he's long sought. Having voting control in the "mid-20s" percent range would help secure a "strong influence," but gives shareholders enough control to fire him if he goes "insane," Musk said during Tesla's earnings call last month. "It's called compensation, but it's not like I'm going to go spend the money," Musk added."
Tesla shareholders approved an executive pay package that would award Elon Musk nearly $1 trillion in stock over the next decade if specified performance targets are met. The package ties awards to Tesla reaching an $8.5 trillion market capitalization, delivering 20 million vehicles, producing 1 million bots, and operating 1 million commercial robotaxis. Musk's net worth is about $473 billion. His Tesla stake would rise from roughly 13% to nearly 29%, increasing his influence while leaving shareholders the ability to remove him. Tesla stock fell as much as 43% between January and March.
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