NEW YORK

Tesla shareholders have approved a payment package worth approximately $1 trillion for CEO Elon Musk, contingent upon his meeting performance targets.

At the company's annual shareholder meeting held Thursday in Austin, Texas, a vote was taken on various proposals, including the 2025 CEO Performance Award.

More than 75% of shareholders voted in favor of the proposal to pay Musk.

In September, Tesla's board of directors sent a letter to shareholders regarding the payment proposal to Musk if he delivers exceptional financial returns and remains in a leadership role at Tesla in the coming years.

The letter, which outlined the targets Musk must meet to receive the full payment, stated that these included expanding Tesla's new robotaxi business and increasing the company's market value by $7.5 trillion.

The letter also said that other conditions, such as Musk staying with the company for 7.5 to 10 years, must be met in order for him to receive the full performance bonus.

If Tesla's market value reaches $8.5 trillion, Musk is expected to receive approximately 12% of the company's shares.

It is stated that the value of the payment to be made would be approximately $1 trillion.