Elon Musk secures record $1 trillion Tesla pay package, largest ever for a CEO

Core Points - Tesla's CEO Elon Musk has secured a record $1 trillion pay package, the largest ever granted to a corporate leader, approved by shareholders on November 6 [1] - The pay package aims to ensure Musk's commitment to Tesla for at least 7.5 years and could increase his ownership stake from approximately 12% to over 25% [2] - Musk believes Tesla has limitless growth potential and aims to make it the most valuable company globally through advancements in autonomous driving and AI [3] Shareholder Support - The compensation plan received over 75% support from shareholders during the annual meeting [2] - Historically, Tesla shareholders have supported Musk's compensation, including a previous package worth around $55.8 billion [5] Company Performance and Challenges - Activist group Tesla Takedown criticized the pay package, citing a decline in vehicle sales and safety concerns [6] - Musk's compensation is tied to achieving 12 milestones related to Tesla's market capitalization, with the first milestone set at a valuation of $2 trillion [6] Board's Position - Tesla Chair Robin Denholm emphasized the importance of retaining Musk for the company's future, warning of potential stock drops if he were to leave [4] - The board has faced criticism regarding Musk's political associations but has dismissed concerns about their impact on sales [4]