Musk Wins Approval For $1 Tln Tesla Pay Deal And Unveils Sweeping Futuristic Ambitions

(RTTNews) - Elon Musk, the CEO of Tesla, told shareholders that the company is embarking on a brand-new era of robotics, space-bound cars, and exponential production growth as he celebrated the approval of his record-breaking $1 trillion compensation package.

The deal was supported by more than 75 percent of investors, securing Musk's path to approximately 25 percent ownership of Tesla over the following ten years and positioning him to become the first trillionaire in history.

Musk outlined an ambitious vision at Tesla's annual meeting in Austin, which included Tesla-built equipment assisting in the establishment of outposts on the Moon and Mars and Optimus humanoid robots conducting surgery with "beyond-human precision."

According to Musk, the business is starting "a new book" that will concentrate on producing vehicles and robotics at a never-before-seen pace. Concerns that Musk might turn his focus elsewhere if the deal fell through were also allayed by the vote.

According to the plan's ambitious goals, Tesla's value is expected to reach $8.5 trillion, which would translate into an estimated $2.4 trillion in value for Musk's holdings.

Supporters claimed the package aligns incentives at a critical juncture, while critics deemed it excessive and cautioned it concentrates too much power in Musk's hands.

In order to secure the chips required for autonomous technology, Musk also suggested constructing a "terafab" semiconductor plant. He also disclosed that three new products the autonomous Cybercab, the long-delayed Semi, and the Optimus robot are anticipated to be released in the upcoming year.

Although it is still non-binding, a proposal for Tesla to invest in Musk's AI startup xAI elicited conflicting responses from shareholders.

Even though Musk pledged to advance a future based on autonomy, robotics, and off-planet engineering, Tesla shares fell on Friday.