Elon Musk's $1 trillion pay package approved by Tesla shareholders

The richest man in the world will get hundreds of millions of new shares if he hits his targets.

Watch LiveBritish Broadcasting CorporationHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveDocumentariesHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationWatch DocumentariesTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureWatch DocumentariesFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelWatch DocumentariesDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListTo the Ends of The Earth EarthWatch DocumentariesNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingAudioPodcast CategoriesRadioAudio FAQsVideoWatch DocumentariesBBC MaestroLiveLive NewsLive SportDocumentariesHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveDocumentariesWeatherNewslettersWatch LiveElon Musk's $1tn pay deal approved by Tesla shareholders1 day agoShareSaveLily Jamali,North America Technology correspondent, Liv McMahon,Technology reporter and Osmond Chia,Business reporterShareSaveWatch: Tesla shareholders cheer Elon Musk's $1tn pay dealTesla boss Elon Musk has had a record-breaking pay package that could be worth nearly $1tn (£760bn) approved by shareholders.

The unprecedented deal was approved by 75% of votes and drew huge applause from the audience at the firm's annual general meeting on Thursday.

Musk, who is already the world's richest man, must drastically raise the electric car firm's market value over 10 years. If he does this and meets various targets, he will be rewarded with hundreds of millions of new shares.

The scale of the potential payout has drawn criticism, but the Tesla board argued that Musk might leave the company if it was not approved - and that it could not afford to lose him.

Following the announcement, Musk took to the stage in Austin, Texas and danced to chants of his name.