Tesla shareholders on Thursday approved a new trillion-dollar pay package for CEO Elon Musk.

The package — to which more than 75 percent of shareholders agreed — grants Musk about 423 million shares in the electric vehicle (EV) maker, which would be worth nearly $1 trillion if the company reaches a series of milestones as required under the agreement. This could make the tech mogul, already the richest person in the world, the world's first-ever trillionaire.

It marks a key win for both Musk and the Tesla board of directors, which have advocated for the new pay package in the face of pushback from some major advisers and shareholders. The board has argued the pay increase is necessary to keep Musk focused on the company.

When the EV maker initially laid out the proposal in September, it argued it was “imperative for Tesla’s continued success and transformative growth that Mr. Musk be retained and highly incentivized to focus a significant amount of his time and........

© The Hill