Musk wins $1 trillion Tesla pay package

What happened

Tesla shareholders Thursday voted in favor of a pay package for CEO Elon Musk that clears the way for him to become the world’s first trillionaire. The $1 trillion package “consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next decade,” said CNBC, and could expand Musk’s stake in the company from about 13% to 25%.

Who said what

This is the “largest payout ever awarded to a corporate leader,” said Bloomberg. The deal is “designed to motivate the world’s richest man” to refocus on the EV company, said The Wall Street Journal. “Even though his far-right political rhetoric” has “hurt” the brand this year, said Reuters, Tesla’s future success “hangs on Musk’s vision of making vehicles that drive themselves, creating a robotaxi network across the U.S., and selling humanoid robots.”

What next?

Musk told shareholders at Thursday’s annual meeting that he plans on “massively increasing vehicle production” and ramping up production of Tesla’s Optimus robots “faster than anything’s ever been ramped up before in human history.”

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up