News Summary

Tesla shareholders have approved a $1 trillion compensation package for CEO Elon Musk, making it the largest corporate payout in history if Musk meets the ambitious goals set forth. Over 75% of investors voted in favor of the plan at the annual shareholder meeting in Austin, Texas. The compensation plan is structured in 12 tranches and aims for Tesla to achieve an $8.5 trillion market capitalization, deliver 20 million electric vehicles, sell 10 million autonomous driving subscriptions, and deploy 1 million robotaxis, among other targets. Critics argue that the package concentrates too much power in Musk’s hands, despite Tesla’s challenges with declining sales and safety concerns. Musk’s net worth stands at $460 billion, positioning him as the world’s richest person.