"Elon Musk turned off many potential buyers of his Tesla cars and sent sales plunging with his foray into politics. But the stock has soared anyway and now he wants the company to pay him more - a lot more. Shareholders gathering Thursday for Tesla's annual meeting in Austin, Texas, will decide in a proxy vote whether to grant Musk, the company's CEO and already the richest person in the world, enough stock to potentially make him history's first trillionaire."
"Supporters say Musk is a genius who is the only person capable of ushering in a Tesla-dominated future in which hundreds of thousands of self-driving Tesla cars - many without steering wheels - will ferry people and humanoid Tesla robots will march around factories and homes, picking up boxes and watering plants. The pay is necessary to incentivize him, they say, and keep him focused."
"To get his Tesla shares, Musk has to secure approval from a majority of the company's voting shareholders. Improving the odds, Musk gets to vote his own shares, worth 15% of the company. Shareholders first heard about the pay package in September when the board of directors proposed it in a detailed filing to federal securities regulators. The document, running 200 pages, also contains other proposals up for a vote at the meeting."
Elon Musk's political foray reduced Tesla car buyers and sent sales plunging, yet Tesla's stock later surged. Shareholders will vote at an annual meeting in Austin on a massive stock award that could potentially make Musk history's first trillionaire if fully realized. Several pension funds oppose the package, citing a board too beholden to Musk, reckless behavior, and excessive compensation. Supporters argue Musk is uniquely positioned to deliver a future of self-driving cars and humanoid robots and that large incentives are needed to retain him. The board filed a detailed 200-page proposal that also covers xAI investment and board composition.
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