Musk set to become history’s first trillionaire as shareholders fix targets for next decade

Elon Musk has moved closer to becoming the world’s first trillionaire after Tesla shareholders approved a massive pay package, a result that shows a majority still trust his leadership and long-term vision, even though a significant section of investors and major funds have expressed serious doubts about his management and the company’s recent decline.

The vote, held at Tesla’s annual meeting in Austin, Texas, cleared the way for Musk to receive stock awards worth up to $1 trillion if he meets a series of ambitious financial and operational targets over the next decade.

The plan requires him to increase Tesla’s market value nearly sixfold, produce 20 million electric vehicles, and deploy one million humanoid robots — a venture he believes will redefine work and home automation. The approval marks a significant endorsement from investors, many of whom regard Musk as the driving force behind Tesla’s past successes and future prospects.

Musk’s renewed mandate came at a critical time for Tesla, which is facing intensifying competition in the electric vehicle market and a sharp decline in sales, particularly in Europe, where deliveries have fallen dramatically. His growing involvement in political debates and controversial public remarks has also unsettled some investors, raising questions about his focus and the company’s direction.

However, the strong shareholder turnout in his favour indicated that a majority still view Musk as indispensable to Tesla’s long-term strategy and technological ambitions.

The decision also ensures that Musk’s personal stake in Tesla will nearly double, giving him greater control over the company’s operations and future projects, including his plan to integrate artificial intelligence across its products. Supporters argue that this will secure Tesla’s leadership in AI-driven mobility, while critics claim the reward is excessive given Musk’s existing wealth and erratic management style.

Despite opposition from major pension funds and corporate watchdogs, the approval reflects the deep trust that retail and institutional investors continue to place in Musk’s ability to deliver unprecedented innovation. Tesla’s stock, which had already gained 80% over the past year, initially rose after the vote before stabilising, suggesting the market’s cautious optimism.