Tesla Shareholders Okay Big Payout for CEO Musk

Tesla Inc. shareholders have approved a performance-based compensation plan for CEO Elon Musk that could earn him tens of billions of dollars.

The scheme is intended primarily to keep Musk on as CEO for many years. The deal would grant him blocks of stock indexed to the company’s market value.

The plan would grant Musk shares each time the company’s market value rises by $50 billion to a cap of $650 billion. Tesla’s current market value is about $54 billion. The company also would have to achieve rising revenue and profit targets.