Elon Musk will have a record salary at Tesla, around $1 trillion.
The deal was approved by 75% of shareholder votes, receiving loud applause at the company's general meeting on Thursday.
Musk, who is the world's richest man, must significantly increase the company's market value within 10 years. If he achieves this and meets various targets, he will be rewarded with hundreds of millions of new shares.
The potential salary has sparked criticism, but Tesla's board said Musk could leave the company if it is not approved and they don't want to lose him.
After the announcement, Musk took to the stage in Austin, Texas, and danced as his name was chanted.
"We are ready to start not just a new chapter of Tesla, but a new book. Other shareholder meetings are sleepy, but ours are unprecedented. Look at this. It's fantastic," he said.
The goals Musk must achieve within the next decade include increasing Tesla's market value from $1.4 trillion to $8.5 trillion.
He also needs to launch about one million Robotaxi vehicles on the market.
But is Musk likely to achieve the goal? It depends on who you ask. But of course the chances are far from zero that Musk will succeed.
But what does a trillion dollars mean? A trillion… a trillion grains of sand. A trillion puppies. A trillion is something we can't imagine, almost meaningless. So, Tesla, which is turning into an Artificial Intelligence and robotics company, is heading towards hyperbole.
Musk already has a fortune of $475 billion, more than anyone else in the history of the world, more than anyone can ever spend.
In 2020, Jerry Pachecho gave an example: If you spent $40 per second, it would take you 289 days to exhaust a billion dollars. If you did the same with a trillion dollars, it would take you 792.5 years to run out of money.
But for fun, let's see what Musk could buy with a 12-figure salary:
–1,428 Shohei Ohtani, the world's best baseball player, who secured a 10-year contract with the Dodgers for $700 million. That's about 0.07% of a trillion.
–Every car sold in the US this year. Of course, a terrible investment because they lose value as soon as you pull them out of the parking lot.
–10,000 Starbucks CEO. Brian Nicol, who runs the chain, has a 'modest' salary of $100 million.
–333 very tall skyscrapers. In New York, the new headquarters of JPMorgan Chase cost $3 billion. A fortune, but you have to rebuild it 333 more times to reach $1 trillion.
–Jeff Bezos' 2,000 yachts , even though it would cost $25 million each year to maintain.
–465 Icon of the Seas , the largest cruise ship in the world. A small fleet.
–The entire Ivy League, five times. So the eight most elite universities in the US are worth about $200 billion. Sure, education is priceless, but at a fifth of a trillion, call it a bargain.
-A bonus of $2,923 for every citizen in the US.
–Switzerland. Sure, you can't buy a country, but Switzerland's GDP reached $900 billion last year.
–Every home in Hawaii. There are 572,781 of them on the island and they cost an average of $826,575.
–Coca-Cola , plus a Coke for everyone on the planet. If you cost the corporation $300 billion, you'd still have plenty of money to buy all 8.2 billion people a 12-pack of Coke.
-Toyota, Volkswagen, Stellantis, Hyundai, Ford and GM.
–ExxonMobil, Chevron and ConocoPhillips. Who knows, maybe this whole electric car thing doesn't work out and Tesla decides to get into the internal combustion engine business. Buying the three largest American oil companies could help here too.