<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tesla shareholders approved a pay package that could make CEO </span><a href="https://www.9news.com.au/elon-musk" rel="" target="" title="Elon Musk"><span>Elon Musk</span></a><span>, already the world's richest person, the world's first trillionaire.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tesla announced that more than 75 per cent of shares voted in favour of the pay package during the company's annual shareholder meeting.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The vote didn't include the 15 per cent of the company that Musk already owns.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/elon-musk-tesla-to-post-major-loss-despite-record-sales/4f2c1749-a34e-423c-bcdc-025da3eaeb02" rel="" target="" title="Elon Musk's Tesla posts major earnings drop despite record sales"><strong><span>Elon Musk's Tesla posts major earnings drop despite record sales</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Musk thanked the shareholders and the Tesla board soon after the vote was announced.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I super appreciate it," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Musk doesn't take any salary, but the approved pay package comes in the form of a stock grant that would give him as much as 423.7 million additional Tesla shares over the next ten years.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/elon-musk-first-trillionaire-tesla-pay-packet-approved/a674adac-8ea7-454a-aea8-245907dddb7b" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Those shares could be worth about $1.54 trillion, assuming the company reaches the $13 trillion market cap needed to have Musk qualify for the full potential payout.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In addition, Tesla needs to achieve a series of either operational or financial targets for him to get the full number of shares, which would be distributed in 12 equal blocks.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Getting all the shares available under this package over the next ten years would be the equivalent of earning $423.5 million a day, dwarfing any other executive pay package in history.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>For Tesla to reach the $13.09 trillion in market value needed, shares need to jump 466 per cent from today's stock price.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That's also about 70 per cent higher than the world's most valuable company, Nvidia, which hit a record $7.7 trillion market cap last week.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Musk is already worth an estimated $728 billion according to Bloomberg's billionaire tracker, most due to his holdings in Tesla, as well as the other companies he controls, including SpaceX and xAI.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A no vote today could have meant his exit from Tesla's CEO office.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tesla's board said in a filing that Musk had raised the possibility of leaving the company if he didn't get the assurances of control that the pay package could grant him.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, the company has had a rocky year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/who-are-the-richest-people-of-all-time-mansa-musa-andrew-carnegie-john-rockefeller-jeff-bezos/5150422f-0c5d-426f-a923-070dfcf17499" rel="" target="" title="The wealthiest people in the history of the world"><strong><span>The wealthiest people in the history of the world</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Sales and profits plunged in the first half and Tesla faces potential billions in lost revenue due to reduced US government support for electric vehicles.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But Musk and Tesla executives dismiss those problems, saying Tesla is shifting focus from merely selling EVs to selling self-driving cars, including a fleet of "robotaxis," as well as humanoid robots.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Those products and concepts are still under development and haven't gone on sale.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That means even with the passage of the pay package, it's not certain that Musk will ever see any of its potential hundreds of millions of shares.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He will need to straighten out the company's current problems and then live up to the big promises that he's made for the future.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/vending-machine-business-why-australians-are-buying-selling-snack-machines-for-extra-income/1999b07f-1822-400d-a5bb-e249b5728d6c" target="_blank"><strong><span>Why thousands of Australians are buying and selling snack vending machines</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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