Tesla Shareholders Just Approved a $2.6B Compensation Package for Elon Musk

Shareholders of Tesla Inc. approved a compensation package this week that is worth $2.6 billion for the company’s CEO Elon Musk.

Shareholders approved the package at a shareholder’s meeting in Fremont, California, but there was no word on how many votes approved the package and how many were against it.

There is no salary or cash bonus, but the $2.6 billion package sets rewards based on the electric vehicle giant’s market value rising to as high as $650 billion over the next decade.

Proxy advisory firm Institutional Shareholder Services (ISS) has said that this package is far higher than anything a top U.S. executive has ever received.

The firm said in February, “At $2.6 billion, the grant value is unprecedented and sets the new high-water mark for an individual executive equity award at a U.S. public company.” It should be noted that ISS recommended to vote against the package.

Disclaimer: We have no position in Tesla Inc. (NASDAQ: TSLA) and have not been compensated for this article.