Twitter co-founder Jack Dorsey has endorsed the now-approved $1 trillion pay package for Elon Musk, CEO of Tesla. Dorsey's support for Musk came just ahead of the November 6 AGM, where the Tesla Board and shareholders approved the new pay package for the world's richest person, which is set to make him even richer and possibly the first trillionaire in the world.
Voicing his support for Elon Musk, the former Twitter CEO said that the proposal was not just about the $1 trillion pay package.
“This is not about compensation. it’s about ensuring a principled (and exciting!) engineering approach to the company’s future [sic],” he wrote on X.
Jack Dorsey was quoting a post by Tesla that urged shareholders to vote in the November 6 AGM.
“Tesla is at a critical inflection point. We need your vote ahead of our 2025 Annual Meeting on November 6. Tesla shareholders, the owners of our company, will soon receive their control numbers and voting instructions from their brokers. This will enable you to vote,” the September 18 post read.
“We are asking you to vote with the Board’s recommendations on *all* proposals. Tesla is on the precipice of another massive wave of transformational growth, as demonstrated by the unveiling of our Master Plan Part IV. If you believe, like us, that Elon Musk is the CEO that can make this ambitious vision a reality, vote your shares,” it added.
Elon Musk took note of Jack Dorsey's X post and commented with a heart emoji.
Tesla approves Elon Musk's $1 trillion pay
Tesla shareholders approved a $1 trillion pay package for Chief Executive Officer Elon Musk, the largest payout ever awarded to a corporate leader.
More than 75% of the votes cast were in favour of the huge pay plan, the company said on Thursday at its annual meeting. The outcome caps a weekslong campaign by the electric vehicle maker’s board, its CEO and prominent retail investors to build support.
The pay agreement clears a path for Musk, the world’s richest person, to become the first-ever trillionaire and expand his stake in Tesla to 25% or more over the next decade. To achieve the full payout, he’ll have to deliver on targets to significantly expand Tesla’s market value, revive its flagging car business and get the fledgling robotaxi and Optimus robotics efforts off the ground.
“It’s not just a new chapter for Tesla, it’s a new book,” Musk said at the shareholder meeting, wearing a black Tesla jacket as he strode the stage in front of a cheering crowd. “And that new book is massively increasing vehicle production and ramping up Optimus production faster than anything’s ever been ramped up before in human history.”