Tesla shareholders on Thursday overwhelmingly endorsed a massive pay package for CEO Elon Musk that could reach $1 trillion.
The pay package, crafted to ensure Musk’s continued service to Tesla as the company pursues breakthrough technology on artificial intelligence and robotics, won more than 75 percent support from shareholders, a Tesla official said at the company’s annual meeting.
The package aims to ensure Musk stays at Tesla for at least seven-and-a-half years. It would lift Musk’s holding in Tesla from about 12 percent when the package was introduced in September to potentially more than 25 percent.
Musk has emerged as a lightning rod figure, in part due to his embrace of right-wing politicians including President Donald Trump. But Thursday’s vote marked the latest demonstration of the entrepreneurial billionaire’s resonance with investors.
