Elon Musk Could Become History’s First Trillionaire
The world’s richest man has been given a historic opportunity to become the first trillionaire. On Thursday, Tesla shareholders approved a performance-based stock package that could grant Elon Musk up to one trillion dollars in shares if he meets specific targets over the next decade.
The decision followed weeks of debate about Musk’s leadership of the electric car maker and whether any executive deserves such an extraordinary compensation plan. The discussion drew opinions from small investors, major pension funds, and even religious leaders, including the pope.
At the annual meeting in Austin, Texas, over 75% of shareholders supported the proposal, demonstrating strong confidence in Musk’s leadership despite Tesla’s recent difficulties with declining sales, profits, and market share.
“Fantastic group of shareholders,” Musk said after the vote. “Hang on to your Tesla stock.”
The approval is seen as a major win for Musk, showing investors’ faith in his long-term vision. Nevertheless, Tesla continues to face challenges as some customers have turned away from the brand amid Musk’s political activities and controversial statements. The vote came only three days after a European report indicated that Tesla sales had dropped again last month, including a 50% decline in Germany.
Author Summary
Elon Musk secured shareholder approval for a vast pay package, paving his path toward possibly becoming the world’s first trillionaire as Tesla battles falling sales and market confidence.
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