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[File photo] Tesla Chief Executive Officer Elon Musk gets in a Tesla car
Businessman Elon Musk has clinched the largest corporate pay award in history. This after shareholders of Musk’s electric car company Tesla approved his record-breaking one-trillion-dollar or more than R17 trillion pay package.
Musk, who is also CEO of SpaceX and xAI, threatened to leave Tesla if the pay package was not approved.
The new package will include 12 tranches of stock and could give Musk control over 25% of Tesla if he hits a series of milestones and is able to expand the company’s market cap to 8.5 trillion dollars over the next decade.
Its current market cap is around 1.5 trillion.
The package is viewed by the Tesla board as a tool to keep Musk motivated towards expanding the company’s products including autonomous vehicles, robotaxis and humanoid robots among others.
Musk’s earlier foray into politics with the administration of President Donald Trump proved to be a huge distraction for Tesla.
