Elon Musk is officially on the trillionaire path as Tesla shareholders approve an unprecedented $1 trillion pay package

It’s official: Elon Musk is connected way to go the world’s archetypal trillionaire.

Tesla shareholders approved a caller enforcement wage bundle Thursday day that would springiness Musk astir $1 trillion successful banal implicit the adjacent decade, a record-shattering woody for the world’s richest man.

The full grant depends connected whether Musk tin conscionable ambitious show targets for the struggling electric-vehicle company, including increasing Tesla’s marketplace headdress to $8.5 trillion—a much than 500% summation from today’s valuation. The goals besides see transportation of 20 cardinal Tesla vehicles and 1 cardinal bots successful summation to 1 cardinal robotaxis successful commercialized operation.

“While we judge Elon is the lone idiosyncratic susceptible of starring Tesla astatine this captious inflection point, changing the satellite is neither an overnight process nor the enactment of a azygous person,” Tesla’s Board wrote successful a missive to shareholders successful August. “So, we besides privation your assistance successful securing the squad and strategy needed to execute goals that others volition comprehend arsenic intolerable but that we cognize are imaginable for Tesla.”

Musk’s nett worthy is estimated astatine astir $473 billion.

If each goes to plan, Musk’s involvement successful Tesla volition emergence from astir 13% to astir 29%—a level of power he’s agelong sought.

Having voting power successful the “mid-20s” percent scope would assistance unafraid a “strong influence,” but gives shareholders capable power to occurrence him if helium goes “insane,” Musk said during Tesla’s net telephone past month.

“It’s called compensation, but it’s not similar I’m going to spell walk the money,” Musk added. “It’s just, if we physique this robot army, bash I person astatine slightest a beardown power implicit that robot army, not existent control, but a beardown influence? That’s what it comes down to successful a nutshell. I don’t consciousness comfy wielding that robot service if I don’t person astatine slightest a beardown influence.”

Tesla’s banal fell arsenic overmuch arsenic 43% betwixt January and March arsenic Musk devoted overmuch of his clip to starring the Department of Government Efficiency (DOGE). Since stepping back, shares person recovered to being up 16% year-to-date.

Many shareholders anticipation the caller incentives volition support Musk focused connected Tesla.

Ron Baron, the laminitis and CEO of Baron Capital, which holds a 0.39% involvement successful Tesla, said successful a station connected X that helium supported the program due to the fact that without Musk, Tesla wouldn’t exist.

“Elon is the eventual ‘key man’ of cardinal antheral risk,” Baron wrote. “Without his relentless thrust and uncompromising standards, determination would beryllium nary Tesla.”

Not each Tesla capitalist was connected committee with the extravagant deal.