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Analysts see vote as positive for Tesla stock

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Musk's voting rights influenced approval despite

opposition

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Musk's pay tied to ambitious Tesla milestones

By Abhirup Roy and Akash Sriram

SAN FRANCISCO, Nov 6 (Reuters) - Tesla CEO Elon

Musk scored a resounding victory on Thursday as shareholders

approved a pay package of as much as $878 billion over the next

decade, endorsing his vision of morphing the EV maker into an AI

and robotics juggernaut.

The vote, analysts have said, is a positive for Tesla's

stock, whose valuation hangs on Musk's vision of making vehicles

drive themselves, expanding robotaxis across the U.S. and

selling humanoid robots, even though his far-right political

rhetoric has hurt the Tesla brand this year.

A win for Musk was widely expected as the billionaire was

allowed to exercise the full voting rights of his roughly 15%

stake after the automaker moved to Texas from Delaware, where a

legal challenge has held up a previous pay rise.

The approval comes even after opposition from some major

investors, including Norway's sovereign wealth fund.

Tesla's board had said Musk could quit if the pay package

was not approved.

The vote will also allay investor concern that Musk's focus

has been diluted with his work in politics as well as in running

his other companies, including rocket maker SpaceX and

artificial intelligence startup xAI.

The board and many investors who lent their endorsement have

said the nearly $1 trillion package benefits shareholders in the

longer run as Musk must ensure Tesla achieves a series of

milestones to get paid.

Goals for Musk over the next decade include the company's

delivering 20 million vehicles, having 1 million robotaxis in

operation, selling 1 million robots and earning as much as $400

billion in core profit. But in order for him to get paid,

Tesla's stock value has to rise in tandem, first to $2 trillion

from the current $1.5 trillion, and all the way to $8.5

trillion.

Under the new plan, Musk could earn as much as $878 billion

in Tesla stock over 10 years. Musk would be given as much as $1

trillion in stock but would have to make some payments back to

Tesla.