Speaking in Austin, Texas, alongside dancing robots, Elon Musk called the moment ‘a whole new book’ in Tesla’s journey|Gage Skidmore|CC BY-SA 4.0
Tesla shareholders handed CEO Elon Musk a resounding victory on Thursday, approving a record-breaking $878 billion compensation plan with over 75% support.
The 10-year package ties Musk’s pay to achieving bold milestones in Tesla’s transformation into an AI and robotics powerhouse.
The approval comes after a Delaware court voided an earlier plan, prompting Tesla to move its legal base to Texas to secure the vote.
Market reaction and future goals
Tesla’s shares rose about 1% in after-hours trading after the announcement. Under the new plan, Musk will earn payouts only if Tesla’s market value climbs from its current $1.5 trillion to as much as $8.5 trillion.
Key goals include producing 20 million vehicles, deploying 1 million robotaxis, and selling 1 million humanoid robots, while generating $400 billion in annual core profit.
Musk’s vision and investor confidence
Speaking in Austin, Texas, alongside dancing robots, Musk called the moment “a whole new book” in Tesla’s journey.
Despite opposition from some major investors, including Norway’s sovereign wealth fund, the approval reinforces investor confidence in Musk’s leadership as he continues to juggle Tesla, SpaceX, and xAI.