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Elon Musk’s Whopping $1 Trillion Pay Package Approved

Tesla shareholders approved a pay package that could make Musk the world’s first trillionaire.

Tesla shareholders voted on Thursday to approve a $1 trillion pay package for CEO Elon Musk that could see the billionaire, already the richest man in the world, become the world’s first trillionaire. More than 75% of shares voted in favor of the package, which comes in the form of a stock grant that will give him an additional 423.7 million Tesla shares over the next decade, as Musk does not take a salary. If Tesla reaches the $8.5 trillion market cap required for the payout to take place, those shares, which will be distributed in 12 equal blocks, would be worth $1 trillion. For the company to achieve that goal, its shares need to increase 466% from the current stock price. After the vote results were announced, Musk thanked shareholders and the Tesla board and said, “I super appreciate it.” Musk is currently worth some $461 billion, thanks in large part to his Tesla shares, making him more than $150 billion richer than the world’s second richest man, Oracle co-founder Larry Ellison.