TLDR
- Tesla shareholders approve Elon Musk’s $1 trillion pay package, backing his AI and robotics vision.
- Musk’s $1 trillion pay deal passes with over 75% shareholder support at Tesla’s annual meeting.
- Tesla investors endorse Musk’s ambitious goals, including robotaxis and next-gen Roadster production.
- Shareholders approve Tesla’s investment in Musk’s AI startup, xAI, despite some abstentions.
- Tesla votes for annual board elections and reelects three directors at the annual meeting.
Tesla shareholders have approved Elon Musk’s ambitious pay package, valued at up to $1 trillion over the next decade. The proposal passed with over 75% support at the company’s annual meeting in Austin, Texas. This decision allows Musk to continue shaping Tesla’s future with bold plans for AI, robotics, and autonomous vehicles.
Shareholders Approve Musk’s Historic Pay Package
Elon Musk’s pay package could grant him up to $1 trillion in stock options, based on performance targets. However, due to required payments, the potential value may be reduced to $878 billion. Despite concerns from some investors about the package’s size, many saw it as essential for retaining Musk and ensuring future success.
Musk addressed shareholders at the meeting, expressing excitement about Tesla’s future. “What we are about to embark upon is not merely a new chapter but a whole new book,” he stated. Investors approved of his vision, which includes creating autonomous vehicles, developing a robotaxi network, and launching humanoid robots.
Tesla’s Vision for AI and Robotics
Musk outlined ambitious goals for Tesla, including starting production of its Cybercab robotaxi in April. He also teased the unveiling of a next-generation Roadster electric sports car. Tesla plans to invest heavily in artificial intelligence, with Musk emphasizing the need for a “gigantic chip fab” to produce AI chips.
Musk also proposed collaboration with Intel to advance AI technology, which could significantly enhance Tesla’s capabilities. Shareholders voted to support Tesla’s investment in Musk’s AI startup, xAI, though many investors abstained. This move highlighted some concerns over the level of oversight in the partnership.
Shareholder Votes and Future of Tesla’s Leadership
At the meeting, Tesla shareholders reelected three members to the company’s board. They also voted in favor of annual elections for all board members. Tesla’s future direction hinges on Musk’s continued leadership, which shareholders have now firmly endorsed through this vote.
Musk’s pay package is structured around ambitious performance targets tied to Tesla’s long-term growth. Shareholders expect the company to achieve major milestones, including advancements in self-driving technology and robotics. Musk’s leadership has been central to Tesla’s rise, and investors are betting on his ability to deliver these futuristic goals.
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