Elon Musk's Rs 88.6 lakh crore pay package approved by Tesla shareholders

NEW YORK: Tesla Chief Executive Officer Elon Musk will henceforth receive a salary of $1 trillion (Rs 88.6 lakh crore). The biggest ever in the corporate world was approved by Tesla shareholders. The package will be given in 12 instalments over 10 years. The first instalment will be received when the company's market value reaches $2 trillion. The transfer will be in the form of shares.

The package is part of the company's expansion into areas such as self-driving vehicles, robo-taxis and humanoid robots. 75 per cent of shareholders supported it. Musk expressed his joy by dancing with humanoid robots at a meeting in Austin, Texas. Musk announced that the production of two-seat, steering-less robotaxis will begin in April next year.

Musk’s to-do list:

1 Tesla's value should reach 8.5 trillion dollars within 10 years. Must remain as CEO for 7.5 years. Shares cannot be sold or transferred

2 Achieve sales of 20 million vehicles per year. This is double the total sales in 12 years

3 Sell 1 million humanoid robots through Tesla's Optimus program. Their prototype was released in 2021