minute Tesla shareholders have approved CEO Elon Musk’s new compensation package, which could ultimately be worth up to $1 trillion, during the company’s general meeting in Austin, Texas. The vote passed with over 75% approval, prompting Musk to thank investors for their support, saying he “super appreciated” the outcome. The new package, first revealed in September, grants Musk 12 tranches of stock options tied to ambitious performance targets. Following the announcement, Tesla’s share price rose by around 2%. Musk currently holds a 13% stake in the company but has not received traditional pay in several years. His 2018 compensation plan remains under legal review in Delaware after a judge ruled that shareholders were not adequately informed before approving it. Tesla chair Robyn Denholm defended the new award, saying it was essential to keep Musk focused on Tesla’s mission. Musk has previously suggested he might pursue ventures such as AI and robotics outside the company without sufficient control, which this plan restores. Despite opposition from Norway’s $1.9 trillion sovereign wealth fund, most shareholders backed the package. They also re-elected directors Ira Ehrenpreis, Joe Gebbia, and Kathleen Wilson-Thompson, and approved a proposal to invest in Musk’s AI startup, xAI. via Yahoo Finance