Tesla Shareholders Approve Elon Musk’s $1 Trillion Pay Package

On Thursday, Tesla shareholders approved an unprecedented $1 trillion pay package for CEO Elon Musk. The full compensation plan will go into effect by 2035—assuming Musk and the company successfully hit ambitious financial and production targets. If that happens, Musk will also get control of some 25 percent of the business, up from the 12 percent he controls currently. More than 75 percent of Tesla shareholders approved the move in a preliminary vote.

Musk celebrated the news onstage at Tesla’s Gigafactory in Austin, Texas, appearing alongside two dancing humanoid robots, the company's Optimus products. “Look at us, this is sick,” he said.

To meet its goals, however, Tesla will have to lead in industries well beyond electric cars—and guarantee that Optimus can do much more than dance. It will also have to beat all competitors in autonomous driving technology and robotics. “Tesla will have to be ...