Elon Musk Secures Historic Pay Deal to Transform Tesla into an AI Powerhouse

Tesla CEO Elon Musk received shareholder approval for the largest corporate pay package in history, aimed at transforming Tesla into an AI and robotics giant. With over 75% support, Musk's vision includes self-driving vehicles, a robotaxi network, and humanoid robots, despite concerns over political rhetoric and possible dilution of shareholder value.

Tesla CEO Elon Musk has won shareholder approval for what is being hailed as the most substantial corporate pay package in history. Investors overwhelmingly endorsed Musk's ambitious plan to transition the electric vehicle company into a leader in artificial intelligence and robotics, with backing exceeding 75% during the annual meeting held in Austin, Texas.

Musk, a figure already known for his astronomical wealth, stands to earn up to $1 trillion in stock over the next decade. The pay is structured around achieving significant milestones, such as Tesla delivering 20 million vehicles and reaching valuations of up to $8.5 trillion. Shareholders, despite some hesitation, believe this serves the company's long-term interests.

While some major investors expressed concerns about potential dilution of shareholder value, Tesla's board emphasized that the package aligns Musk's incentives with the company's growth trajectory. The venture into artificial intelligence is strengthened by potential investments in Musk's startup, xAI, further boosting Tesla's autonomous driving objectives.

(With inputs from agencies.)