Shareholders of electric car and solar panel maker Tesla have approved an ambitious pay package for iconic CEO Elon Musk that could net him more than $50 billion if he meets lofty milestones over the next decade.
A company filing on Wednesday with the US SEC showed shareholders supported the pay deal by a large margin. Tesla says the all-or-nothing package is worth $2.6 billion at current stock values, but that would rise dramatically if Musk meets 12 incremental goals including raising the company’s market capitalisation tenfold to $650 billion. Also included are targets to increase adjusted pre-tax income and revenue. If the goals are reached, Tesla would be fourth most valuable US company.
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