"Musk won a Tesla shareholder vote on Thursday, with more than 75 percent in favour, during the company's annual general meeting at the electric carmaker's factory in Austin, Texas. Under this plan, Musk could be given stock worth $1 trillion over the next decade if he hits certain performance targets. However, he would be required to repay some of this to the company bringing it down to $878bn."
"This payout would take him over the $1-trillion line if he maintains this level of wealth. Tesla shares jumped by 2 percent in pre-market trading on Friday, but have soared by more than 62 percent in the past six months. After the announcement, Musk climbed on stage and danced while investors chanted his name. He expressed triumph, as well as appreciation for the shareholders after the vote tally. I super appreciate it, he told the shareholders."
Tesla shareholders approved a performance-based pay plan that could grant Elon Musk stock valued at $1 trillion over the next decade if specific milestones are met, with required repayments reducing the net to $878bn. Musk's current net worth is about $473bn, and the payout could push him past the $1-trillion mark if wealth levels hold. Tesla shares rose in pre-market trading and have gained over 62 percent in six months. Musk celebrated on stage after the vote and urged shareholders to hold Tesla stock. Musk pledged production targets including a two-seater steering-less robotaxi called a Cybercab and a next-generation Roadster, and said Tesla will need large-scale chip manufacturing capabilities, possibly via collaboration with Intel.
Read at www.aljazeera.com
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