Elon Musk has taken a significant step toward becoming the world’s first trillionaire. On Thursday, Tesla shareholders approved a pay package that could grant Musk stock worth $1 trillion if he meets specific performance goals over the next decade. The decision followed extensive discussions about Musk's management at Tesla and the appropriateness of such a substantial compensation plan. The vote, held at the company’s headquarters in Austin, Texas, saw over 75% of shareholders in favor of the proposal.

"Fantastic group of shareholders," Musk remarked after the vote, encouraging them to "Hang on to your Tesla stock." This approval reflects continued investor confidence in Musk, even as Tesla faces challenges, including declining sales, market share, and profits. These issues have been exacerbated by Musk's recent political engagements and controversial statements.

The shareholder vote occurred shortly after a report indicated a significant drop in Tesla car sales in Europe, including a 50% decrease in Germany. Despite these setbacks, many investors view Musk as a transformative leader, recalling how he rescued Tesla from near bankruptcy several years ago, turning it into one of the most valuable companies globally.

The approved pay package sets ambitious targets for Musk. He must increase Tesla's market value nearly sixfold and deliver 20 million electric vehicles over the next decade, more than double the total since the company's inception. Additionally, Musk is tasked with deploying over 1 million humanoid robots, which he refers to as a "robot army."

Achieving these goals could significantly boost Musk's wealth, potentially surpassing the historical wealth of John D. Rockefeller, who was valued at $630 billion in today’s dollars at his peak. Currently, Musk's net worth is estimated at $493 billion.

The vote faced opposition from several large investment funds, including Calpers, the largest public pension fund in the U.S., and Norway’s sovereign wealth fund. Corporate governance firms, such as Institutional Shareholder Services and Glass Lewis, criticized the pay package, prompting Musk to label them as "corporate terrorists" during a recent investor meeting. Critics argue that the board is too aligned with Musk and that the proposed compensation is excessive.

Supporters contend that Musk needs strong incentives to focus on Tesla's future, particularly as he aims to develop the company into an AI leader, utilizing software for self-driving cars and robots that could perform various tasks currently done by humans. Investors had to weigh Musk's ambitious vision against concerns about his recent behavior, which included threats to leave the company, a move that could negatively impact Tesla's stock.

Following the vote, Tesla shares rose 1.5% in after-hours trading, reaching $447.27. Musk stated that the vote was not solely about financial gain but about increasing his stake in Tesla, which will nearly double to 30%. He expressed a desire for greater control over the company, especially concerning the future of his proposed "robot army," which he believes poses potential risks that only he should manage.