Key Takeaways Tesla investors approved CEO Musk’s record-high $1 trillion pay package at the company’s annual shareholder meeting on Thursday.
Tesla said more than 75% of shareholders backed the plan.
Musk must steer Tesla to meet certain financial targets to receive the pay.
On Thursday, at Tesla’s annual shareholder meeting in Austin, Texas, Tesla investors voted to approve a record-breaking $1 trillion compensation plan for CEO Elon Musk, the largest executive compensation proposal ever considered and approved in corporate history.
More than 75% of shareholders backed the plan, leaving room for Musk, 54, to become the world’s first trillionaire if he meets a series of milestones. Musk won’t take a salary; the pay will take the form of a stock grant worth about $1 trillion that would give him over 400 million additional Tesla shares over the next decade. His stake in Tesla would expand to 25% or more, up from 13% currently.
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“It’s not just a new chapter for Tesla, it’s a new book,” Musk told the audience of investors at the meeting, per Bloomberg.
Tesla CEO Elon Musk. Photo by Christian Marquardt – Pool/Getty Images
To receive the 12-part compensation package, Musk must steer Tesla to achieve ambitious product and financial targets, per CNBC. The first part requires that Tesla’s market value rise to $2 trillion (it stood at $1.4 trillion at the time of writing) and that the company deliver its 20 millionth vehicle, put one million robotaxis on the street or sell one million humanoid Optimus robots.
Tesla has delivered about 8.5 million vehicles to date, far short of Musk’s target of 20 million deliveries. In 2025, the electric vehicle maker delivered 1.2 million cars, with recent quarterly figures just under 500,000 units.
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