The world’s richest man is on the cusp of becoming richer.
A move by Tesla shareholders could enable Elon Musk it become the first-ever trillionaire, per the Associated Press.
The vote would give Musk stock worth $1 trillion as long as makes performance targets over the next 10 years.
The vote came after debate on whether Musk deserved the pay hike and questions about his management record.
The final vote tally had more than 75% approving the plan.
“Fantastic group of shareholders,” Musk said after the vote. “Hang on to your Tesla stock.”
“I super appreciate it. Thank you, everyone,” he said. “What we’re about to embark upon is not merely a new chapter on the future of Tesla but a whole new book.”
The vote went through even though Tesla has been struggling plunging sales, market share and profits.
The company’s consumers looked elsewhere after Musk ventured into politics, becoming the first head of the newly formed Department of Government Efficiency under President Donald Trump.
Earlier this year, Tesla’s revenue fell as anti-Musk protesters picketed Tesla showrooms in protest of his role in cutting foreign aid and other government spending.
A recent report from Europe showed car sales for Tesla went down last month. This includes a 50% plunge in Germany.
Musk has a net worth of about $473 billion, according to the Bloomberg Billionaires Index.
Not everyone was on board with adding zeros to Musk’s net worth.
“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk- consistent with our views on executive compensation,” Norges Bank Investment Management said in a statement.
Musk is Tesla’s largest shareholder.
