on Thursday, Tesla shareholders approved an unprecedented package of $ 1 Trillion Pay for CEO Elon Musk. The full compensation plan will take effect in 2035—assuming Musk and company successfully hit financial and production targets. If that happens, Musk will get control of 25 percent of the business, up from the 12 percent he currently controls. More than 75 percent of Tesla shares agreed to the move being read.
Musk celebrates the news in the Tesla Gigafactory in Austin, Texas, from which two dancing robots appear, the products of the company. “Look at us, this is sick,” he said.
To meet its goals, however, Tesla will have to lead in industries well outside of electric cars – and ensure that the Optimists can do much more than dance. It will also have to beat all competitors in autonomous driving technology and robotics. “Tesla will have to be a market leader not only in the US but also in Europe and other regions,” said Seth Goldstein, a senior equity analyst at Morning Analysis, a financial firm.
Specifically, Tesla needs to hit the value of 000 trillion in the next 10 years, send 20 million cars to customers, and sell 1 million robots, and sell 1 million subscriptions, and sell 1 million of its three-month software.
Nevertheless, the vote marks the victory of Musk, his previous package, $ 50 billion PayDay set in 2018, was held in a lawsuit after the CEO had a lot of influence on the Board of the Company and that Tesla failed to uphold its legal obligations to shareholders. The lawsuit, brought by the Delaware Cancerry Chart, led to Tesla reopening in Texas. A panel of Judges heard the case referred to in October; They will probably make a final decision in the coming months.
Before the vote, Tesla’s board opposed the Sky-High Page package needed to keep Musk as CEO – and keep him focused on the car company. According to a meeting with investors last month, Musk suggested that he will have a difficult time pushing Tesla forward in robotics and autonomous situations “If we build this robot army, do I have a strong influence over the robot army?” he asked. “I don’t feel comfortable building that robot army unless I have a strong influence.”
After Thursday’s vote, Musk told investors in Texas that production of the cybercab, a self-driving car that lacks a steering wheel or sideview mirrors, will begin in April. The company will need permission from the federal government to put a non-production vehicle on the road.
