Tesla shareholders have voted to approve CEO Elon Musk's compensation plan at the company's annual meeting in Austin, Texas. More than 75% of shareholders supported the package.
The plan could be worth as much as $1 trillion in Tesla shares if Musk meets several ambitious performance goals, including a major increase in the company's stock market value.
This approval is seen as a major win for Musk, strengthening his position at Tesla and supporting his vision to expand the company into artificial intelligence and robotics.
The package rewards Musk if he achieves certain big goals for Tesla, like greatly increasing the company's value and business size. It is designed to motivate him to deliver strong growth.
No. Musk will only receive the pay over time, and only if Tesla meets strict targets set out in the agreement.
If Tesla does not reach the required milestones, Musk will not receive the full amount of the pay package.
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