- Musk would trigger payout if he builds Tesla into $650bn company
- Corporate governance experts query ‘staggering’ pay restructure
Elon Musk, the billionaire founder of the electric car company Tesla, has won approval for a new pay deal that could land him a $55.8bn (£40bn) bonus, smashing all compensation records.
Tesla’s shareholders voted to approve Musk’s pay deal at a meeting in Fremont, California, despite warnings from corporate governance experts who have called the package “staggering”. They have also questioned why someone whose wealth is already tied to Tesla’s fortunes needs more shares.