Tesla shareholders approve Musk’s $1-trillion pay package

NEW YORK, United States (AFP) — 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.

“I’d like to just give a heartfelt thanks to everyone who supported the shareholder votes,” a euphoric Musk told the gathering. “I super-appreciate it.”

Cheers of “Elon” broke out after the vote result was announced at the gathering, which was held at the company’s factory in Austin.

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.

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.