A major vote by Tesla shareholders has opened the door for Elon Musk to possibly become the world’s first trillionaire.
On Thursday, over 75% of shareholders voted in favour of giving Musk a massive pay package, worth around $1 trillion, if he meets tough performance goals over the next 10 years.
The vote took place at Tesla’s annual meeting in Austin, Texas. It followed weeks of debate about whether Musk, who is already the world’s richest person, should receive such a huge reward. Some people supported the plan, believing Musk is key to Tesla’s future. Others, including large investment groups, strongly disagreed, saying it was too much and that Musk’s recent behaviour had been too risky.
To receive the full reward, Musk must help Tesla grow in major ways. For example, the company’s value on the stock market must increase by nearly six times. Musk also needs to sell 20 million Tesla cars in ten years and launch one million robots, which he calls his “robot army,” to help with work in homes and businesses.
Musk says he wants more control over Tesla as it enters a new chapter focused on artificial intelligence. He believes the company’s future depends on self-driving cars and helpful robots, and says he doesn’t trust anyone else to guide it safely.
Even though some people are worried about giving Musk so much power and money, many investors still have faith in him. Tesla’s shares have already gone up a lot this year and rose again after the vote.
At the meeting, shareholders also agreed that Tesla can invest in xAI, another company owned by Musk, and chose not to change rules about who can sue Tesla.
If Musk reaches his targets, he could pass John D. Rockefeller, the richest American in history, and set a new record for personal wealth.
