Elon Musk’s $1 trillion pay package is approved: 5 things Tesla CEO must do to get the largest payout in history

Tesla shareholders voted to approve CEO Elon Musk's compensation plan potentially worth nearly $1 trillion, with 75% voting in favour. The company's board recommended approval of the pay package, which was introduced in September.

Tesla announced the results of the vote on Thursday (November 6) at its annual shareholders meeting in Austin, Texas. The final vote tally is expected to be formalized in a Securities and Exchange Commission (SEC) filing within days. Musk is expected to achive certain milestones, like selling robotaxi fleet, humanoid robots and more to get the full package.

Elon Musk’s $1 trillion package is double the GDP of Bangladesh

The approval essentially grants Musk enormous influence over the electric vehicle (EV) company and aims to mitigate the risk of him focusing his attention on other ventures. Citing, World Bank table of GDP per country in 2024, news agency Reuters reported that Musk’s pay package Musk's approved compensation package of nearly $878 billion is slightly less than the economic output of Poland ($915 billion), which has a population of 36 million people.

The package is worth twice the GDP of Bangladesh, a country with 174 million people.Only 20 countries recorded a 2024 GDP larger than Musk's compensation deal, based on World Bank figures. It is more than Belgium ($664.6 billion), Argentina ($633.3 billion), Sweden ($610.1 billion), Ireland ($577.4 billion) and Singapore ($547.4 billion).

Tesla performance targets for Elon Musk

However, the compensation package for Musk, currently the world's richest person, consists of 12 separate stock grants. Musk would receive these shares if Tesla achieves specific performance targets over the next 10 years. These requirements include:

Tesla's board had argued that failing to approve the massive payout risked losing Musk to other interests, positioning the deal as essential for securing the CEO's commitment to Tesla's future as a leader in AI and robotics.The shareholder vote proceeded despite significant opposition from major investors, including Norges Bank Investment Management (which manages Norway’s sovereign wealth fund). Major proxy advisory firms also opposed the plan.