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Washington, November 7 (Read). Tesla shareholders on Thursday approved a plan to grant CEO Elon Musk shares worth nearly one trillion dollars. With this decision, Musk could soon become the world’s first trillionaire.

At a meeting held at Tesla’s headquarters in Austin, Texas, shareholders agreed that if the company achieves its ambitious financial and operational goals over the next decade under Musk’s leadership, he will receive shares valued at around one trillion dollars.

According to The New York Timesthis decision mirrors a compensation plan approved in 2018. The new agreement includes a 12-stage performance plan that requires Musk to increase Tesla’s market valuation from about $1.4 trillion to $8.5 trillion, along with meeting several other objectives. These include selling one million humanoid robots and securing one million paid subscriptions for Tesla’s autonomous driving software.

Thanking shareholders, Musk said, “The direction we’re heading is not just a new chapter for Tesla’s future, but a whole new book.”

The Florida State Board of Administration, which voted in favor of the compensation plan, stated in a securities filing, “Those who call this plan excessive overlook the ambition that has historically defined Tesla’s progress. A company that rose from near bankruptcy to global leadership in electric vehicles and clean energy under such incentive structures has earned the right to reward exceptional performance.”

Fund manager Cathie Wood also supported the plan on X (formerly Twitter), saying that it aligns the interests of Musk and investors. “If Elon and his team achieve such high targets, both he and the investors will benefit greatly,” said Wood, CEO of ARK Invest.

Musk currently owns about 15 percent of Tesla’s shares. If he meets the plan’s conditions, his ownership could rise to nearly 29 percent, though he may need to sell some shares to cover taxes.

However, the decision has also faced criticism. Randall Peterson, a professor of organizational behavior at the London Business School, remarked, “Those still holding shares after this decision are the ones who have drunk the Elon Kool-Aid.”

My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.