Tesla shareholders approve Elon Musk's record-breaking $1 trillion pay package

Tesla shareholders on Thursday voted overwhelmingly to approve a record-breaking $1 trillion pay package for CEO Elon Musk, setting him up to become the first ever trillionaire.

The luxurious pay package is expected to be paid out over the span of a decade, and would be worth up to $1 trillion if certain benchmarks are made, including selling 1 million humanoid robots. 

Musk would also be required to stay with the company for at least seven years in order to receive the package, though he is allowed to continue with his other companies like SpaceX and xAI, according to NBC News.

Although some investors seemed cautious about the scale of the package, 75% of the shareholders voted to approve it.  

“I super appreciate it. Thank you, everyone,” Musk told the shareholders after the vote. “What we’re about to embark upon is not merely a new chapter on the future of Tesla but a whole new book.”

The approval comes after Musk took a step back from his government duties as the head of the Department of Government Efficiency and returned his focus to Tesla. Musk is already the world's wealthiest man, worth an estimated $473 billion, according to the Bloomberg Billionaires Index.

Tesla’s investor relations department said the pay package was “designed to keep Elon’s time, energy and considerable talents focused on Tesla for years to come and create jaw-dropping value for our shareholders.”

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.