Tesla shareholders voted to approve CEO Elon Musk’s record-breaking USD 1 trillion compensation plan on Thursday, a move that could make him the world’s first trillionaire if the company meets a series of ambitious targets, CNN reported.
More than 75% of shareholders supported the proposal during Tesla’s annual meeting, excluding the roughly 15% stake that Musk already owns.
The approved plan grants Musk up to 423.7 million Tesla shares over the next decade, contingent on the company achieving a series of operational and financial milestones. If fully realized, the shares would be worth about USD 1 trillion, based on Tesla reaching a market capitalization of USD 8.5 trillion, which represents a 466% jump from its current valuation.
Such a payout would dwarf any previous executive compensation package in history. On average, it would equal $275 million per day over 10 years.
Musk currently takes no salary, meaning his wealth depends entirely on Tesla’s performance. He is already worth an estimated USD 473 billion, thanks to his holdings in Tesla, SpaceX, and xAI, according to Bloomberg’s Billionaires Index.
Tesla’s board warned that a vote against the package could have pushed Musk to leave the company, as he had previously hinted he might step down without greater control.
Despite the vote of confidence, Tesla faces a turbulent period. The automaker’s sales and profits have fallen sharply this year, and it could lose billions due to reduced U.S. government support for electric vehicles. Still, Musk downplayed those challenges, saying Tesla’s future lies not just in EVs, but in robotics and artificial intelligence.
During the meeting, Musk spoke extensively about the company’s humanoid robot project, saying it could one day outpace the car business entirely.
“I think it’s going to be the biggest product of all time by far,” he claimed. “So like bigger than cell phones, bigger than anything.”
Musk said Tesla’s humanoid robots could one day perform surgeries, help end poverty, and reshape the global economy. He estimated each robot could cost around USD 20,000, comparable to a standard car.
Still, those products are far from market-ready, and Musk will need to overcome Tesla’s immediate financial hurdles to qualify for the full payout.
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