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Elon Musk’s $1 trillion compensation package was approved by Tesla shareholders—with more than 75% of votes cast in favor—paving the way for Musk to become the first-ever trillionaire and expand his stake in the company to 25% or more over the next decade.
More than 75% of votes cast were in favor, General Counsel Brandon Ehrhart said, eliciting a standing ovation from the crowd gathered at Tesla’s factory in Austin.
Musk responded to the vote by saying, Tesla’s humanoid robot will progress from simple tasks, like handing out bags of candy, to performing surgery with “beyond human” levels of precision.
The leader of SpaceX even went so far as to predict that Tesla’s robot, called Optimus, and vehicles will “play a big role” in someday establishing bases on the moon and Mars. “It’ll be something cool, next-level moon buggy or Mars buggy,” he told a shareholder.
The stock award clears a path for Musk, the world’s richest person, to become the first-ever trillionaire and expand his stake in Tesla to 25% or more over the next decade.
“It’s not just a new chapter for Tesla, it’s a new book,” Musk said. “And that new book is massively increasing vehicle production and ramping up Optimus production faster than anything’s ever been ramped up before in human history.”
The vote was pivotal because Musk had suggested he would step down or spend more time with his other companies if he didn’t get greater control over the carmaker.
Tesla shares are up 10% this year, trailing the 14% advance in the S&P 500 Index.
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