Tesla shareholders approved a compensation package Thursday for CEO Elon Musk that could be worth close to $1 trillion, a deal proposed by Tesla’s board as crucial to keeping the world’s richest man at the company, though the payment plan was challenged in recent weeks by some of the automaker’s largest shareholders.
Big funds, advisory firms and the Pope oppose the exorbitant plan. Approval means shareholders think the polarizing, distracted CEO can top past successes with an AI-powered strategy.
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To receive the maximum compensation, Musk would be required to boost Tesla’s market cap from $1 trillion today to $8.5 trillion in the next 10 years.
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