Elon Musk to receive ‘biggest' executive pay check ever created from Tesla shareholders

Elon Musk granted the largest CEO compensation in corporate history as Tesla shareholders have overwhelmingly approved a record-shattering pay-check worth nearly $1 trillion.

This ranks him as the world’s richest person and potentially paved his way as a first trillionaire.

On Thursday, November 6, Tesla held its annual meeting where Elon got more than 75% of the votes in his favor.

With this announcement, Musk delivered a celebratory speech, declaring, “What we’re about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book.”

The pay package is not merely a cash salary but a stock grant that would award Musk up to 423.7 million additional Tesla shares over the next decade.

To unlock the full potential payout, valued at approximately $275 million per day, Musk must lead Tesla to an unprecedented $8.5 trillion market capitalization, a 466% increase from its current value.

It also requires that the company hit a series of ambitious operational and financial targets.

Previously, Tesla experienced a rocky period with sliding sales and profits.

The board presented the argument that the package was necessary to keep Musk invested in the company, highlighting he might leave without a significant stake.

While the package faced opposition from major institutional investors, Tesla’s large base of retail investors aided in securing the passage.

While sharing his remarks, Musk focused more on a future dominated by artificial intelligence and robotics instead of current car sales, touting the company’s Optimus humanoid robot as a product that could become “bigger than cars, bigger than anything.”