Tesla shareholders approve Elon Musk's $51 billion pay package

Tesla shareholders have approved an eye-popping pay package for CEO Elon Musk that could net him more than $51 billion if he meets all of the company’s ambitious milestones over the next decade. The all-or-nothing package requires that Tesla, which has struggled with production problems, hit a market capitalization of $650 billion. That’s more than 10 times Tesla’s current value of about $59 billion. The pay package was approved by a majority of Tesla’s shareholders. Musk currently draws a relatively modest annual salary of $37,000, one of the smallest in the auto industry. But he could potentially surpass anything paid out in U.S. corporate history if he manages to make Tesla one of the world’s biggest companies.

Source: https://apnews.com/article/tesla-elon-musk-pay-package-shareholder-vote-8b6cce1a1aa460dbbaac69eb73e0e5e7