The largest payment to a chief executive of a US company has now been finalised as the shareholders of electric car manufacturer Tesla approved a compensation package with shares worth USD 56 billion. Elon Musk actually received this already in 2018, but the sum was rejected by a court and the issue finally ended up with the shareholders who have now given their approval.
Shareholders also approved a proposal to move the company's registration to Texas from Delaware, where its headquarters are located. The compensation package was presented in 2018, when Mr Musk promised to increase Tesla's market capitalisation tenfold within ten years. If he managed to reach the result of a market capitalisation of $650 billion, he would then receive the compensation he has now been approved to receive. Elon Musk is already the third richest person in the world with assets of over $203 billion.
Thanks, BBC.