Musk could become history's first trillionaire as Tesla shareholders approve giant pay package

"The world's richest man was just handed a chance to become history's first trillionaire. 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."

"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. Car buyers fled the company this year as he has ventured into politics both in the U.S. and Europe, and trafficked in conspiracy theories. The vote came just three days after a report from Europe showing Tesla car sales plunged again last month, including a 50% collapse in Germany."

"The board of directors that designed the pay package require him to hit several ambitious financial and operational targets, including increasing the value of the company on the stock market nearly six times its current level. Musk also has to deliver 20 million Tesla electric vehicles to the market over 10 years amid new, stiff competition, more than double the number since the founding of the company."

Shareholders approved a Tesla pay package that could award Elon Musk stock worth $1 trillion if ambitious performance targets are met over the next decade. More than 75% of voting shareholders at the Austin, Texas meeting supported the plan. The package requires steep goals, including nearly a sixfold market-value increase and delivering 20 million electric vehicles in 10 years. Tesla faces plunging sales, market share and profits, with European sales showing sharp declines, including a 50% drop in Germany. High-profile controversies and political activity have driven buyers away, yet many investors still express confidence in Musk.

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