Tesla shareholders have approved a record compensation package for company founder Elon Musk, which could amount to almost $1 trillion. The unprecedented bonus was approved by 75% of Tesla shareholders.
The agreement obliges Musk, the wealthiest man on the planet, to significantly increase the market value of the electric car manufacturer and achieve other indicators in the coming years. If he succeeds, he will be rewarded with hundreds of millions of new Tesla shares.
As CNN notes, the potential payment could make Musk the first trillionaire in history. In early October, the businessman became the first person whose fortune reached $500 billion.
Tesla's market capitalization is now approximately $1.4 trillion; Musk needs to increase it to $8.5 trillion over the next decade. He also has to put one million Tesla Robotaxis into commercial operation.
"What we're about to do is not a new chapter in Tesla's future, but a whole new book," Musk told attendees at a meeting in Austin, Texas. "Other shareholder meetings are boring events, but ours are explosive. This is amazing."
The approved package is designed to keep Musk at Tesla for at least 7.5 years. This would enable him to increase his stake in the company from 12% to over 25%.
Musk has previously described Tesla's potential growth as unlimited, saying the company would become the most valuable company in the world if it implements its self-driving and artificial intelligence programs.
