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Elon Musk says Tesla shareholders approved his $56 billion pay package

Economic Times · 1y

Tesla shareholders have approved Elon Musk's $56 billion pay package, making him the richest person in the world with a net worth of $200 billion. The package, the largest in US corporate history, consists of stock options based on Tesla's revenue, profit, and market value. The approval comes after a legal challenge in Delaware, where a judge questioned the independence of Tesla's board and the excessiveness of the package. While some shareholders believe Musk deserves the incentives, others are concerned about Tesla's recent financial performance and competition in the market.