Musk could become world's 1st trillionaire after Tesla shareholders approve giant pay package | CBC News

"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 have fled the company this year after he 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 per cent collapse in Germany."

"The vote clears a path for Musk to become a trillionaire by granting him new shares, but it won't be easy. The board of directors that designed the pay package has required 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 stiff competition that's more than double the number since the founding"

Shareholders at Tesla's Austin, Texas, meeting approved a compensation plan that could award Elon Musk up to $1 trillion in stock if he meets specific performance targets over ten years. More than 75% of voting shareholders supported the plan. The package demands dramatic goals, including raising the company's market value nearly sixfold and delivering 20 million electric vehicles within a decade. Tesla faces plunging sales, market-share losses and profit declines, with steep recent drops in Europe, including a 50% fall in Germany. Musk's political activity and conspiratorial statements have contributed to buyer departures, yet many investors retain confidence in his turnaround ability.

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