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Tesla CEO Elon Musk's salary will increase to $1 trillion. However, he will have to achieve several major goals to receive this salary. Read the full story...
Tesla CEO Elon Musk: Tesla shareholders have approved a record $1 trillion (approximately ₹83 lakh crore) pay package for Elon Musk at the company's annual general meeting in Austin, Texas, USA. This amount is three times Pakistan's total GDP. Around 75 per cent of investors voted in favour of Musk at the AGM. If Musk achieves the targets set by the company, he could become the world's first trillionaire.
During the meeting, Musk stated, "What we are about to embark on is not just a chapter in Tesla's future, but an entirely new book." Following the announcement of the salary increase, Musk came onto the stage smiling and began dancing with Tesla's humanoid robot 'Optimus'. He remarked that while other companies' shareholder meetings are boring, theirs are spectacular.
This package is linked to Tesla's performance, which includes increasing the company's market value from the current $1.5 trillion to $8.5 trillion. According to a report by news agency Reuters, Tesla's shares rose by approximately 1 percent in after-hours trading following the announcement.
Musk's current net worth is over $500 billion. He is listed as the world's richest person in Forbes' real-time billionaires ranking. To receive the approved salary from the AGM, he will have to cross several milestones related to Tesla's market value. The first salary increase will occur when Tesla's market value reaches $2 trillion.
If Elon Musk achieves certain major goals within the next ten years, he could receive an additional 12 per cent stake in Tesla. These goals include delivering 20 million Tesla cars annually, commencing the operation of 1 million robotaxis annually, selling 1 million humanoid robots annually, and ensuring the company's profit exceeds $400 billion in each financial year.