Musk could become history’s first trillionaire as Tesla shareholders approve giant pay package

Elon Musk speaks during an event with President Donald Trump in the Oval Office at the White House, Feb. 11, 2025, in Washington. (AP file photo)
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Updated 07 November 2025
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Musk could become history’s first trillionaire as Tesla shareholders approve giant pay package

  • Vote comes Tesla car sales continue to plunge in Europe, including a 50% collapse in Germany
  • Many Tesla investors still consider Musk as a sort of miracle man capable of stunning business feats
  • Critics say Tesla board was too beholden to Musk, his behavior too reckless lately and the riches offered too much

NEW YORK: The world’s richest man was just handed a chance to become history’s first trillionaire.

Elon Musk won a shareholder vote on Thursday that would give the Tesla CEO stock worth $1 trillion if he hits certain performance targets over the next decade. The vote followed weeks of debate over his management record at the electric car maker and whether anyone deserved such unprecedented pay, drawing heated commentary from small investors to giant pension funds and even the pope.

In the end, more than 75% of voters approved the plan as shareholders gathered in Austin, Texas, for their annual meeting.

“Fantastic group of shareholders,” Musk said after the final vote was tallied, adding “Hang on to your Tesla stock.”

The vote is a resounding victory for Musk showing investors still have faith in him as Tesla struggles with plunging sales, market share and profits in no small part due to Musk himself. Car buyers fled the company this year as he has ventured into politics both in the US and Europe, and trafficked in conspiracy theories.

The vote came just three days after a report from Europe showing Tesla car sales plunged again last month, including a 50% collapse in Germany.

Still, many Tesla investors consider Musk as a sort of miracle man capable of stunning business feats, such as when he pulled Tesla from the brink of bankruptcy a half-dozen years ago to turn it into one of the world’s most valuable companies.

The vote clears a path for Musk to become a trillionaire by granting him new shares, but it won’t be easy. The board of directors that designed the pay package require him to hit several ambitious financial and operational targets, including increasing the value of the company on the stock market nearly six times its current level.

Musk also has to deliver 20 million Tesla electric vehicles to the market over 10 years amid new, stiff competition, more than double the number since the founding of the company. He also has to deploy 1 million of his human-like robots that he has promised will transform work and home — he calls it a “robot army” — from zero today.

Musk could add billions to his wealth in a few years by partly delivering these goals, according to various intermediate steps that will hand him newly created stock in the company as he nears the ultimate targets.

That could help him eventually top what is now considered America’s all-time richest man, John D. Rockefeller. The railroad titan is estimated by Guinness World Records to have been worth $630 billion, in current dollars, at his peak wealth more than 110 years ago. Musk is worth $493 billion, as estimated by Forbes magazine.

Musk’s win came despite opposition from several large funds, including CalPERS, the biggest US public pension, and Norway’s sovereign wealth fund. Two corporate watchdogs, Institutional Shareholder Services and Glass Lewis, also blasted the package, which so angered Musk he took to calling them “corporate terrorists” at a recent investor meeting.

Critics argued that the board of directors was too beholden to Musk, his behavior too reckless lately and the riches offered too much.

“He has hundreds of billions of dollars already in the company and to say that he won’t stay without a trillion is ridiculous,” said Sam Abuelsamid, an analyst at research firm Telemetry who has been covering Tesla for nearly two decades. “It’s absurd that shareholders think he is worth this much.”

Supporters said that Musk needed to be incentivized to focus on the company as he works to transform it into an AI powerhouse using software to operate hundreds of thousands of self-driving Tesla cars — many without steering wheels — and Tesla robots deployed in offices, factories and homes doing many tasks now handled by humans.

“This AI chapter needs one person to lead it and that’s Musk,” said financial analyst Dan Ives of Wedbush Securities. “It’s a huge win for shareholders.”

Investors voting for the pay had to consider not only this Musk promise of a bold, new tomorrow, but whether he could ruin things today: He had threatened to walk away from the company, which investors feared would tank the stock.

Tesla shares, already up 80% in the past year, rose on news of the vote in after-hours trading but then flattened basically unchanged to $445.44.

For his part, Musk says the vote wasn’t really about the money but getting a higher Tesla stake — it will double to nearly 30% — so he could have more power over the company. He said that was a pressing concern given Tesla’s future “robot army” that he suggested he didn’t trust anyone else to control given the possible danger to humanity.

Other issues up for a vote at the annual meeting turned out wins for Musk, too.

Shareholders approved allowing Tesla to invest in one of Musk’s other ventures, xAI. They also shot down a proposal to make it easier for shareholders to sue the company by lowering the size of ownership needed to file. The current rule requires at least a 3% stake.


Supreme Court ruling offers little relief for Republicans divided on Trump’s tariffs

Updated 7 sec ago
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Supreme Court ruling offers little relief for Republicans divided on Trump’s tariffs

  • “I have the right to do tariffs, and I’ve always had the right to do tariffs,” Trump said at a news conference, adding that he doesn’t need Congress

WASHINGTON: For a few hours on Friday, congressional Republicans seemed to get some relief from one of the largest points of friction they have had with the Trump administration. It didn’t last.
The Supreme Court struck down a significant portion of President Donald Trump’s global tariff regime, ruling that the power to impose taxes lies with Congress. Many Republicans greeted the Friday morning decision with measured statements, some even praising it, and party leaders said they would work with Trump on tariffs going forward.
But by the afternoon, Trump made clear he had no intention of working with Congress and would instead go it alone by imposing a new global 10 percent import tax. On Saturday morning, he went further by saying he would raise that new tariff to 15 percent.
He’s doing so under a law that restricts the tariffs to 150 days and has never been invoked this way before. His decision could not only have major implications for the global economy, but also ensure that Republicans will have to keep answering for Trump’s tariffs for months to come, especially as the midterm elections near.
“I have the right to do tariffs, and I’ve always had the right to do tariffs,” Trump said at a news conference, adding that he doesn’t need Congress.
Tariffs have been one of the only areas where the Republican-controlled Congress has broken with Trump. Both the House and Senate at various points have passed resolutions intended to rebuke the tariffs being imposed on trade partners like Canada.
It’s the rare issue where Republican lawmakers who came of age in a party that largely championed free trade have voiced criticism of Trump’s economic policies.
“The empty merits of sweeping trade wars with America’s friends were evident long before today’s decision,” Sen. Mitch McConnell, the former longtime Senate Republican leader, said in a statement, adding that tariffs raise the prices of houses and disrupt other industries important to his home state of Kentucky.
At least one Republican congressman who last week voted against Trump’s tariffs on Canada is now facing political consequences. Trump on Saturday posted on his Truth Social platform that he was rescinding his endorsement of Colorado Rep. Jeff Hurd for reelection over his lack of support for tariffs and instead supporting Hurd’s Republican primary competitor, Hope Scheppelman.
“Congressman Hurd is one of a small number of Legislators who have let me and our Country down,” Trump wrote. “He is more interested in protecting Foreign Countries that have been ripping us off for decades than he is the United States of America.”
How Democrats plan to leverage Trump’s trade war
Democrats, looking to win back control of Congress, intend to make McConnell’s point their own. At a news conference Friday, Senate Democratic Leader Chuck Schumer said Trump’s new tariffs “will still raise people’s costs and they will hurt the American people as much as his old tariffs did.”
Schumer challenged Republicans to stop Trump from imposing his new global tariff. Democrats on Friday also called for refunds to be sent to US consumers for the tariffs struck down by the Supreme Court.
“The American people paid for these tariffs and the American people should get their money back,” Sen. Elizabeth Warren, D-Mass., said on social media.
It all played into one of the Democrats’ central messages for the midterm campaign: that Trump has failed to make the cost of living more affordable and has inflamed prices with tariffs.
Midsize US businesses have had to absorb the import taxes by passing them along to customers in the form of higher prices, employing fewer workers or accepting lower profits, according to an analysis by the JPMorganChase Institute.
Will Congress act on Trump’s new tariffs?
The Supreme Court decision on Friday made it clear that a majority of justices believe that Congress alone is granted authority under the Constitution to levy tariffs. Yet Trump quickly signed an executive order citing the Trade Act of 1974, which grants the president the power to impose temporary import taxes when there are “large and serious United States balance-of-payments deficits” or other international payment problems. The authority has never been used and therefore never tested in court.
Republicans at times have warned Trump about the potential economic fallout of his tariff plans. Yet before Trump’s “Liberation Day” of global tariffs in April last year, Republican leaders declined to directly defy the president.
Some GOP lawmakers cheered on the new tariff policy, highlighting a generational divide among Republicans, with a mostly younger group of Republicans fiercely backing Trump’s strategy. Rather than adhering to traditional free trade doctrine, they advocate for “America First” protectionism, hoping it will revive US manufacturing.
Republican Sen. Bernie Moreno, an Ohio freshman, slammed the Supreme Court’s ruling on Friday and called for GOP lawmakers to “codify the tariffs that had made our country the hottest country on earth!”
A few Republican opponents of the tariffs, meanwhile, openly cheered the Supreme Court’s decision. Rep. Don Bacon, a critic of the administration who is not seeking reelection, said on social media that “Congress must stand on its own two feet, take tough votes and defend its authorities.”
Bacon predicted there would be more Republican pushback coming. He and a handful of other GOP members were instrumental earlier this month in forcing a House vote on Trump’s tariffs on Canada. As that measure passed, Trump vowed political retribution for any Republican who voted to oppose his tariff plans.