(The Hill) – Tesla shareholders on Thursday approved a new trillion-dollar pay package for CEO Elon Musk.
Story continues below
- Trending:Albuquerque City Council approves changes to traffic code
- Crime: Woman pleads guilty to being an accomplice of accused murderer in New Mexico
- Politics: KRQE Political Analyst weighs in on upcoming runoff election
- Entertainment:Breaking Bad creator returns to Albuquerque for new sci-fi series
The package — to which over 75 percent of shareholders agreed — grants Musk about 423 million shares in the electric vehicle (EV) maker, which would be worth nearly $1 trillion if the company reaches a series of milestones as required under the agreement. This could make the tech mogul, already the richest person in the world, the very first-ever trillionaire.
It marks a key win for both Musk and the Tesla board of directors, which have advocated for the new pay package in the face of pushback from some major advisors and shareholders. The board has argued the pay increase is necessary to keep Musk focused on the company…