Tesla shareholders approve Elon Musk's package

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

More than 75 percent of shareholders voted in favor of the offer to pay Musk.

Musk must meet performance targets to receive full payment

In September, Tesla's Board of Directors sent a letter to shareholders outlining a proposed payout if Musk delivers "extraordinary" financial returns and remains in a leadership role at Tesla for years to come.

The letter outlined the goals Musk must meet to receive the full payment, including expanding Tesla's fledgling robotaxi business and increasing the company's market value by $7.5 trillion.

The letter also stated that Musk had other conditions, such as staying with the company for 7.5 to 10 years in order to receive the full performance reward.

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

Thus, it is stated that the value of the payment to be made will be approximately 1 trillion dollars .