Elon Musk set to earn world’s first trillion-dollar salary

Tesla shareholders have approved a record pay deal worth nearly $1 trillion (£760 billion) for its chief executive, Elon Musk. The decision was made by 75 per cent of shareholders at the company's annual general meeting in Austin, Texas, on Thursday (November 7) local time. The billionaire is set to earn the world's first trillion-dollar salary.

Musk took to the stage after the shareholders' vote was announced and expressed his joy. "We are not just starting a new chapter, we are starting a whole new book for Tesla's future," he said.

Under the deal, Musk will have to achieve several big goals over the next 10 years. These include delivering 20 million Tesla cars a year, producing and using 1 million humanoid 'Optimus' robots, 10 million subscriptions to the Full Self-Driving (FSD) feature, launching 1 million robotaxis commercially, increasing core profits to $400 billion, and increasing the company's market value to $8.5 trillion (currently about $1.4 trillion).

Musk will not receive any salary during this time. However, if the goal is met, he will receive more than 400 million new shares, the value of which could be about $1 trillion if the market value increases. Although there has been criticism of the deal, the Tesla board claims that 'it is difficult for Tesla to move forward without keeping Musk.'

At the meeting, Musk referred to the 'Optimus' robot as the centerpiece of the company's future. Some analysts believe that it is now important to focus more on the core business as sales of electric vehicles are declining. Tesla shares rose slightly in after-hours trading after the announcement. The company's shares have risen more than 62 percent in the past six months.