Elon Musk’s Massive Pay Package Approved by Tesla Shareholders
Tesla’s shareholders have given the green light to a monumental remuneration package for Elon Musk, the 54-year-old American billionaire and CEO of the electric vehicle company. This deal could potentially make him the first person in history to become a trillionaire.
The compensation plan, which was approved on October 6, includes a series of conditions that Musk must meet to fully benefit from the package. One of the key requirements is increasing Tesla’s market capitalization to $8.5 trillion (KSh 1.1 quadrillion) by 2035. Additionally, he must achieve annual sales of 12 million cars, deploy one million robotaxis, and introduce one million humanoid robots.
Musk will also need to remain as CEO of Tesla for seven and a half years to unlock any shares under this new compensation plan. However, he will be allowed to continue leading his other ventures, such as SpaceX and his Artificial Intelligence project, xAI.
How Did Musk React?
At Tesla’s shareholder meeting in Austin, Texas, Musk celebrated the approval of the pay package by dancing with some robots on stage. His enthusiasm was evident as he expressed gratitude to the attendees.
“Thank you so much. Everyone, thank you. We’re going to start a completely new book about Tesla’s future, not just a new chapter,” he said during the event.
According to the Bloomberg Billionaires Index, Musk currently has a net worth of approximately $461 billion (KSh 59.5 trillion), making him the richest individual globally. Despite the challenges surrounding his political views and his role as the head of the Department of Government Efficiency for President Donald Trump, his wealth has continued to grow over the past year.
There have been protests outside Tesla stores in 2025, where demonstrators voiced their opposition to Musk’s right-wing political stances and federal government budget cuts.
The Rise of Young Tech Entrepreneurs
While Musk continues to dominate headlines, another group of young entrepreneurs is making waves in the tech industry. The world’s youngest self-made billionaires are three 22-year-old tech entrepreneurs who previously collaborated in high school debate.
These individuals—Surya Midha, Brendan Foody, and Adarsh Hiremath—founded Mercor, an AI data-labeling firm that has quickly grown into a major player in the artificial intelligence sector. Their company’s annualised revenue run rate reached $500 million (KSh 64.6 billion) within just two years, establishing Mercor as one of the fastest-growing businesses in the AI boom.
This development highlights the dynamic nature of the global economy, where innovation and entrepreneurship continue to reshape industries and create new opportunities.