Elon Musk scored a decisive victory in the shareholder vote over his $1tn pay package, winning his second record stock award in as many years and putting the billionaire’s control of the electric-vehicle maker beyond doubt.
The pay deal was approved by 75 per cent of votes cast at Tesla’s annual meeting on Thursday. If Musk hits all of the ambitious targets, it will add as much as 12 per cent to his stake and give him control of a quarter of Tesla’s shares.
After months of debate and scrutiny, shareholders overlooked governance concerns to back the chief executive whose vision and salesmanship have already propelled Tesla’s market value to $1.4tn — more than all other western carmakers combined.
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