Elon Musk's $2.6B Tesla compensation approved by shareholders

Elon Musk's inspiration for his lunar base

Elon Musk's inspiration for his lunar base

The vote has been seen as a test of whether big investors are prepared to support such a large payout at the founder-led company.

It's especially similar since Mobileye is also an Israeli company operating in the space of autonomous driving technology.

The company declined to reveal the vote margin, but it's likely to be made official soon in a public filing. His pay has been nearly exclusively performance-based since 2012. Last year, Musk's salary amounted to $49,720.

Earlier this month, proxy advisory firm Institutional Shareholder Services recommended Tesla stockholders reject the package, saying the "unprecedented" award was too rich.

Ahead of the vote, a top investor in Tesla Inc and a major proxy adviser offered opposing views on whether to support the compensation arrangement, which required majority approval from shareholders.

A report in the Globes financial website suggested that Musk was in Israel to discuss cooperation between local computerized vision company Cortica and his Tesla electric auto venture.

The value of Musk's current Tesla holdings, $12 billion, will increase by billions of dollars if the company's market value continues to grow.

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At $650 billion, the company would have to have double the worth of Walmart and be worth more than Facebook, but less than Apple and Google parent Alphabet.

As part of the plan Musk will be granted share options of $2.6bn. He won't receive any guaranteed pay, such as a salary, bonuses or stock that vests purely over time.

It's unlikely Tesla could hit the top market value threshold of $650 billion exclusively by selling electric cars.

The other is tied to specific revenue and profit goals, beginning at $20 billion in sales and $1.5 billion in earnings before interest, taxes, depreciation and amortization (EBITDA) and topping out at $175 billion in revenue and $14 billion in EBITDA. The demand appears to be there - last year, the company said about 455,000 people had put down $1,000 refundable deposits.

Investors on Wednesday approved what may be the largest compensation deal in history for its chief executive officer, a person familiar with the vote said.

Musk is also CEO of SpaceX, the commercial rocket maker, and has multiple other ventures, including The Boring Co., which exploring whether burrowing under cities can become a high-speed transportation option.

The pay plan helps ensure Musk will remain at Tesla at least until 2028, but several questions loom. While it's unclear exactly what Musk discussed with Cortica, the Globes is reporting that the discussions could result in Tesla acquiring the startup.

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