The world’s richest man was just handed a chance to become history’s first trillionaire.
Axar.az informs, citing AP, Elon Musk won a shareholder vote on Thursday that would give the Tesla CEO stock worth $1 trillion if he hits certain performance targets over the next decade.
The vote followed weeks of debate over his management record at the electric car maker and whether anyone deserved such unprecedented pay, drawing heated commentary from small investors to giant pension funds and even the pope.
In the end, more than 75 percent of voters approved the plan as shareholders gathered in Austin, Texas, for their annual meeting.
The vote clears a path for Musk to become a trillionaire by granting him new shares, but it won’t be easy. The board of directors that designed the pay package require him to hit several ambitious financial and operational targets, including increasing the value of the company on the stock market nearly six times its current level.
Musk also has to deliver 20 million Tesla electric vehicles to the market over 10 years amid new, stiff competition, more than double the number since the founding of the company. He also has to deploy 1 million of his human-like robots that he has promised will transform work and home — he calls it a “robot army” — from zero today.
Other issues up for a vote at the annual meeting turned out wins for Musk, too.
Shareholders approved allowing Tesla to invest in one of Musk’s other ventures, xAI. They also shot down a proposal to make it easier for shareholders to sue the company by lowering the size of ownership needed to file.
The current rule requires at least a 3 percent stake.