Elon Musk Could Become History’s First Trillionaire
The world’s richest man has been given the opportunity to become the first trillionaire in history. Elon Musk won shareholder approval for a pay package that could grant him Tesla stock valued at $1 trillion if he meets specific performance goals over the next ten years.
Shareholder Vote and Reactions
The vote, held in Austin, Texas, followed intense discussions about Musk's leadership at Tesla and whether such a groundbreaking compensation is justified. The debate attracted attention from a wide range of stakeholders, from small investors and large pension funds to even the pope.
“Fantastic group of shareholders,” Musk said after the vote, adding, “Hang on to your Tesla stock.”
More than 75% of shareholders voted in favor of the plan, marking a decisive win for Musk despite Tesla facing challenges.
Challenges Facing Tesla
- Tesla has seen sharp declines in sales, market share, and profits.
- Many buyers have turned away as Musk has involved himself in political controversies in the U.S. and Europe and promoted conspiracy theories.
- A recent European report showed Tesla car sales fell dramatically, including a 50% drop in Germany last month.
The shareholder approval demonstrates continued investor confidence in Musk’s leadership despite these difficulties.
Summary
Elon Musk's shareholder-approved pay package positions him to become the first trillionaire, reflecting investor trust amidst Tesla’s recent struggles with sales and public perception.