Elon Musk

Elon Musk's Tesla pay package could net him $50 billion

Shareholders of electric car and solar panel maker Tesla Inc. have approved an ambitious pay package for iconic CEO Elon Musk that could net him more than $50 billion if he meets lofty milestones over the next decade.

A company filing Wednesday with the Securities and Exchange Commission showed shareholders supported the pay deal by a large margin.

Tesla says the all-or-nothing package is worth $2.6 billion at current stock values, but that would rise dramatically if Musk meets 12 incremental goals including raising the company's market capitalization tenfold to $650 billion. Also included are targets to increase adjusted pretax income and revenue.

If the goals are...