In a significant corporate development, Twitter co-founder Jack Dorsey has publicly endorsed the monumental $1 trillion compensation package for Tesla CEO Elon Musk. This show of support came just before Tesla's crucial Annual General Meeting on November 6, where the company's board and shareholders ultimately approved what stands as the largest corporate pay package in history.
Dorsey's Principled Support for Musk
Former Twitter CEO Jack Dorsey voiced his approval through a post on X (formerly Twitter), emphasizing that the proposal transcended mere financial compensation. "This is not about compensation. it's about ensuring a principled (and exciting!) engineering approach to the company's future," Dorsey wrote, quoting an earlier Tesla post that had urged shareholders to participate in the November 6 AGM vote.
The Tesla post from September 18 had described the company as being at a "critical inflection point" and emphasized the importance of shareholder participation. It specifically asked investors to vote according to the board's recommendations on all proposals, highlighting that Tesla stands "on the precipice of another massive wave of transformational growth."
Shareholders Approve Historic Compensation
The November 6 AGM witnessed overwhelming support for Musk's compensation plan, with more than 75% of cast votes favoring the unprecedented $1 trillion pay package. This approval follows an extensive campaign by Tesla's board, its CEO, and prominent retail investors to secure shareholder backing for the proposal.
This compensation agreement potentially clears the path for Musk, already the world's richest person, to become the first trillionaire in history while expanding his stake in Tesla to 25% or more over the coming decade. However, achieving the full payout requires Musk to deliver on ambitious targets, including significantly expanding Tesla's market value, reviving its automotive business, and successfully launching both the robotaxi initiative and Optimus robotics program.
Musk's Vision for Tesla's Future
Elon Musk responded to Dorsey's endorsement with a simple heart emoji, indicating his appreciation for the support. During the shareholder meeting, Musk articulated his ambitious vision for Tesla's future, declaring "It's not just a new chapter for Tesla, it's a new book."
He elaborated on this vision by emphasizing plans for "massively increasing vehicle production and ramping up Optimus production faster than anything's ever been ramped up before in human history." This statement underscores the scale of ambition behind the approved compensation package and the transformational growth Tesla anticipates under Musk's continued leadership.
The approval of this record-breaking pay package marks a pivotal moment for Tesla and its CEO, setting the stage for what could be the most ambitious expansion phase in the company's history while potentially reshaping the landscape of corporate compensation worldwide.
