Tesla Owners Approve Elon Musk's Record $47 Billion Pay Package

Tesla shareholders have recently voted through a large stock option package worth $47 billion for Elon Musk. Despite this, it could be that he could soon get even more. The package, consisting of 303 million stock options, was invalidated earlier this year by a Delaware judge on the grounds that the process for granting the options was deemed flawed and unfair. Despite the new vote, it is uncertain whether Musk will get his options back, according to legal experts.

Musk has received no salary or bonus from Tesla for more than a year and has worked for free since the company reached the financial targets that triggered the last part of the 2018 option package. He has previously expressed that he wants a compensation plan that would give him ownership of about 25% of the company's shares, which is about twice his current stake. If the recently approved stock options are reinstated and he exercises these, his stake would exceed 20%.

Musk has also said that he does not want to continue developing Tesla into a leader in AI and robotics without having enough ownership stake to be able to make an impact, but not so much that he cannot be overruled. The Tesla board has made it clear that they believe a significant compensation is essential to keep Musk focused on Tesla and its future challenges.

Musk has pledged to continue with his plans for self-driving cars and humanoid robots, which many investors see as the future key to Tesla's success. He has also said he does not plan to leave Tesla and sees himself as a catalyst for the company's success. If Tesla stock reaches the target some analysts predict, Musk's current shareholding could make him the world's first trillionaire.