Elon Musk could become the world’s first trillionaire after Tesla shareholders approved his $1 trillion pay package to improve the brand.
The Tesla CEO and world’s richest man won a shareholder vote on Thursday, guaranteeing him stock worth $1 trillion if he hits certain performance targets over the next decade, according to Mail Online.
The vote followed weeks of debate over his management record at the electric car maker and whether anyone deserved such unprecedented pay.
In the end, more than 75 percent of shareholders present at the company’s Austin, Texas headquarters voted in favor of the plan.
‘Fantastic group of shareholders,’ Musk said after the final vote was tallied, adding ‘Hang on to your Tesla stock.’
Investors voting for the pay packet were beholden by Musk’s threat that he could walk away from Tesla entirely.
There were fears that in doing so, Musk would tank the stock and send share prices plummeting.
Tesla shares, already up 80 percent in the past year, rose 1.5 percent on news of the vote to $447.27 in after-hours trading.
Musk says the vote wasn’t really about the money but getting a higher Tesla stake so he could have more power over the company.
The vote came just three days after a report from Europe showing Tesla car sales plunged again last month, including a 50 percent collapse in Germany.
