Can Elon Musk become history's first trillionaire? Tesla shareholders to decide today

Tesla shareholders will vote on Thursday on a record-breaking pay package for Chief Executive Elon Musk that could make him the world’s first trillionaire.

The proxy vote at Tesla’s annual meeting in Austin will determine whether Musk, already the richest person on the planet, will receive a massive stock award potentially worth hundreds of billions of dollars.

The package could eventually double Musk’s stake in Tesla to nearly 30%.

However, it is not necessary that Musk get all of that money even if the package is approved.

First, he has to meet several operational and financial targets. Under the plan, Musk would only receive the full payout if Tesla delivers 20 million vehicles within a decade, produces one million robots, and massively expands its market value and profits.

The vote comes despite concerns over his polarising political statements and erratic behaviour, which some investors say have dented Tesla’s brand and car sales.

Several large investors, including the California Public Employees’ Retirement System (CalPERS) and Norway’s sovereign wealth fund, have opposed the plan, arguing that Tesla’s board remains too loyal to Musk and that the proposed payout is excessive.

A Delaware court previously criticised the process for approving Musk’s earlier pay award as “deeply flawed”, given his “extensive ties” to directors.

Many investors, including Baron Capital, have come out in support of the package, saying Musk is indispensable to Tesla’s success.

“Without his relentless drive and uncompromising standards, there would be no Tesla," wrote founder Ron Baron.

Musk, already the world’s richest person with an estimated net worth of about $493 billion, has said the award is about control rather than cash.

The Vatican also joined the global debate this week, condemning widening income inequality and calling the trillion-dollar package emblematic of a moral crisis. “If that is the only thing that has value anymore, then we’re in big trouble,” said Pope Leo XIV.