Elon Musk gets massive pay hike: Tesla CEO secures record USD 1 trillion pay package

Tesla CEO Elon Musk at the Tesla annual meeting (Source: X/@Tesla)

At the meeting, Elon Musk said Tesla would begin production of its steering-less, two-seater robotaxi, named Cybercab, in April, and unveil its next-generation Roadster. He added that Tesla would need a “gigantic chip fab” to produce AI chips and could partner with Intel.

Watch the entire meeting here:

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— Tesla (@Tesla) November 6, 2025

On the agenda

Shareholders also re-elected three directors, voted for annual board elections, and approved a new compensation plan to replace Musk’s earlier package, which remains tied up in court. They also backed Tesla’s proposal to invest in Musk’s AI startup xAI, though many large investors abstained. “Other shareholder meetings are like snooze fests, but ours are bangers,” Musk said. “I mean, look at this. This is sick.”

“Investors will be looking for the board to ensure there are guardrails to be sure there’s not too much mixing of businesses,” said Jessica McDougall, partner at Longacre Square.

Goals

Musk’s new goals include producing 20 million vehicles, deploying 1 million robotaxis, selling 1 million humanoid robots, and reaching USD 400 billion in core profit within the next decade.

For each milestone and corresponding valuation increase — from USD 2 trillion up to USD 8.5 trillion — Musk will receive 1% of Tesla stock, for a potential total of 12%. So the plan could still hand Musk tens of billions of dollars even if he falls short of most of its ambitious targets.

(With inputs from Reuters)