What Can Elon Musk Buy With His Gigantic Tesla Pay Package?
Elon Musk’s deep pockets just got astonishingly deeper.
On Thursday, Tesla shareholders overwhelmingly approved his corporate pay package. The exact amount it is worth moves with the stock price. On Thursday afternoon the Associated Press calculated it as $44.9 billion. Musk could still face a drawn-out legal battle before his all-stock compensation deal becomes a reality, but more than 70 percent of the electric auto company’s shareholders voted in support of the record remuneration plan.
“Hot damn, I love you guys,” Musk unsurprisingly told attendees at Tesla’s annual meeting in Austin, Texas on Thursday. He later emphasized that his deal is company stock which he has to own for five years. “It’s not actually cash, and I can’t cut and run—nor would I want to.”