A trillion-dollar pay package has been approved to keep Elon Musk at the company for at least seven years, with the support of more than 75 percent of Tesla shareholders.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
Elon Musk, the world's richest man, is on track to become the world's first trillionaire. Tesla shareholders approved a generous bonus package for Musk on Thursday, paving the way for him to become a trillionaire. He could earn $1 trillion if he meets certain long-term goals.
The decision to give Musk a trillion-dollar pay package was made after a vote at Tesla's Texas-based shareholders' meeting. More than 75 percent of shareholders voted in favor of Musk. The decision was made to keep him at Tesla. According to Musk, Tesla's progress depends on AI, self-driving technology and robotics.
Musk's net worth is currently $500 billion. He is number one on Forbes' real-time billionaires list. Musk will receive the first part of the bonus package when Tesla's market value reaches $2 trillion. Similarly, he will be given another pay package under the bonus package when Tesla's sales reach 20 million. The company has prepared such a package to keep Musk at least 7 and a half years.
Despite this big win for Musk, Tesla is now under pressure. Sales, market share and profits are falling. Musk himself is said to be responsible for some of the reasons for this. Some customers have distanced themselves from Tesla after he recently became more active in American and European politics. Some American customers, irritated by Musk's political and social comments, had recently put the logo of other brands such as Toyota, Audi and Mazda on their Tesla vehicles.
Just three days before the vote, reports had emerged that Tesla car sales in Europe had fallen again. In Germany, sales had fallen by up to 50 percent. However, many investors see Musk as a miracle entrepreneur because a few years ago he had revived Tesla, which was on the verge of bankruptcy and was on the verge of closure, and brought it back to the list of the world's most valuable companies.
