Tesla Approves Pay Package That Could Make Musk World’s First Trillionaire

The world’s richest person could become the first trillionaire. Tesla shareholders approved the largest payout ever awarded to a corporate leader for CEO Elon Musk.

After the board’s aggressive lobbying in favor of the unprecedented pay package, more than 75% of voting shareholders backed the proposal, the company said at its annual meeting. Norway’s Norges Bank Investment Management, Tesla’s ninth-largest holder, had opposed the plan. Proxy advisers Institutional Shareholder Services and Glass Lewis recommended investors reject it, citing concerns with the magnitude and its potential to dilute other shareholders’ ownership.