Tesla’s shareholders have approved a record-breaking pay package for company boss Elon Musk that could be worth nearly $1 trillion (£760bn).
Board members argued that they could not afford to lose Musk who they feared would leave if his demands were not met.
The extraordinary package was backed by 75% of shareholders who cast a vote and was met with applause at the firm’s annual meeting.
In order to receive the full award, Musk must meet a number of targets for raising the electric vehicle maker’s market value from $1.4trn to $8.5trn over a period of years. He would also need to get a million self-driving “Robotaxi” vehicles into commercial operation.
“What we’re about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book,” he said.
“Other shareholder meetings are snoozefests but ours are bangers. Look at this. This is sick.”
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