Tesla shareholders approve plan. Musk could become the first “trillionaire” in history

Shareholders of electric vehicle manufacturer Tesla approved Elon Musk’s remuneration plan, according to which the richest man in the world can pocket 1 billion dollars (around 860 billion euros) in ten years — which would make the CEO, as Americans say, the first trillionaire ever.

The remuneration plan for Elon Muskwhich establishes 12 financial and operational goals over the next ten years, was approved by 75% of Tesla shareholders gathered at a meeting in Austin, Texas.

If he achieves the objectives set, Musk will be able to become the first billionaire of history — or the “first trillionaire“, if we use North American notation.

According to the AFP agency, after the announcement, Musk left the room under applause and cheers of the hundreds of participants in the general meeting, which was broadcast live on the internet.

“Thank you with all my heart to those who supported”, declared Musk, who is already the man richest in the worldwith assets estimated at 500 billion dollars (about 430 billion euros).

“This is not simply a new chapter in the history of Tesla”, added the businessman, before talking about the group’s different products and projects, which will increasingly focus on autonomy, robotics and artificial intelligence. “That is a completely new book“.

The final milestone of the goals set for Musk foresees the founder of Tesla and SpaceX achieving a company market capitalization of 8.5 billion of US dollars (7.3 billion euros) and the sale of 20 million of vehicles. In June, Tesla manufactured its vehicle number eight million.

If he meets all the requirements within the stipulated time, Elon Musk can receive up to an additional 12% of the current capital and hold between 25% and 29% of Tesla.

Since its announcement in September, Musk’s new compensation plan has generated intense debate among shareholders of the North American construction company. Until the last minute, supporters and opponents of the package tried to convince other shareholders of their cause.

“Tesla is not run by an ordinary CEO. Elon is a visionarywhich implemented industrial revolutions and successful transformations of numerous pioneering billion-dollar companies,” Tesla stated.

For this reason, according to his supporters, Musk deserves this remuneration plan, which they also seek convince him to stay at the head of the company.

This week, in what was considered a ultimatum to shareholdersthe businessman insinuated that if his billion-dollar remuneration plan was not approved, he would be less inclined to stay at Tesla.