Elon Musk writes history again: Tesla shareholders voted to approve the largest salary package ever recorded, of 1,000 billion dollars. Musk had threatened that if the proposal was not supported, he would withdraw from the management of Tesla. The company's shares rise after the announcement

Tesla investors have overwhelmingly approved Elon Musk's $1 trillion pay package, hoping the prospect of the biggest gain in corporate history will encourage the billionaire to focus on the electric vehicle maker, the FT writes. The package, which could add up to 12 percent to Musk's stake through the grant of shares, was approved by 75 percent of the votes cast at Tesla's annual meeting held at its Texas gigafactory on Thursday. Musk's compensation is tied to a set of ambitious, long-term goals. To reach the $1 trillion mark, he needs to triple Tesla's market value to $8.5 trillion, grow profits 24 times to $400 billion, and sell millions of robots and self-driving subscriptions. Shareholder concerns over Musk's threat to step down as chief executive if the proposal is rejected outweighed concerns about the governance and social impact of the biggest pay package ever offered to the world's richest man. Musk and Tesla's board of directors have argued that the package, which does not include salary or bonuses, is essential to ensure his control of the company at a time when it is developing advanced artificial intelligence models and an «army» of millions of humanoid robots. Voting consultants Institutional Shareholder Services (ISS) and Glass Lewis advised investors to vote against the proposal, criticizing its «staggering size» and the lack of «clear mechanisms» to ensure Musk would prioritize Tesla over his other companies. Some smaller investors, such as Ron Baron and Cathy Wood (Ark Invest), said they would vote in favor of the package. Musk and his brother Kimbal, who sits on the board, were allowed to vote under Texas law — although in the past they have had to abstain on matters related to his compensation.
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