Elon Musk’s heada** behaivor, which has sunk Tesla’s sales, didn’t stop shareholders from making him the world’s first trillionaire.
Tesla shareholders approved Phony Stark’s ridiculous pay package that will retain his leadership, fearing they might lose him.
Tesla shareholders approved the payout despite his poor job of leading the company since his foray into MAGA politics and his leadership of DOGE, which saw the slashing of government jobs while not saving the country anywhere near the ridiculous amount of money he claimed the temporary agency would.
The Verge reports that over 75% of shareholders voted in favor of the proposal.
The vote gives Musk enormous sway over his electric vehicle company, as well as awards him with the largest corporate payout in history. The final tally is expected to be disclosed in a Securities and Exchange Commission filing in a few days.
Musk took the stage at the shareholder meeting in Austin to chants of “Elon! Elon!” and flanked by dancing Optimus robots. “What we’re about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book,” he said.
According to the website, the board first pitched the pay package in September, giving him 423 million additional shares, pushing his stake to about 25 percent, up from 15 percent.
Musk Must Meet A Series of Milestones To Get The Full Payout
But for Musk to receive full compensation, he would have to meet a series of milestones, which include raising Tesla’s market capitalization from its current $1.5 trillion to $8.5 trillion in 10 years.
He must also get 1 million robotaxis put into service and sell 12 million more cars, 10 million Full Self-Driving subscriptions, and 1 million humanoid robots.
Not all of the shareholders were on board with the idea; Norges Bank Investment Management, one of Tesla’s largest shareholders, voted no.
Major proxy advisory firms Institutional Shareholder Services and Glass Lewis also said nah to the pay proposal.
We shall see if Musk will be able to hit those achievements because he continues to nosedive in popularity, which only hurts Tesla’s standings as a company.
There is also the fact that the Trump administration has done away with the EV credits, another blow to his once budding electric car business.
Social media has also been ripping the decision to make Phony Stark a trillionaire; you can see those reactions below.
