Elon Musk to be paid as much as $84 billion after Tesla deal struck

Shareholders at Tesla have just approved a staggering new pay deal for controversial billionaire boss Elon Musk.

Controversial billionaire Elon Musk could be taking home a whopping $84 billion ($US56 billion) in pay after an incredible victory in the boardroom.

On Friday morning AEST, the board of the US-listed electric vehicle company Tesla agreed to a massive pay deal for their CEO, Mr Musk.

The 52-year-old tech tycoon has been pushing hard for the payout and it could be worth as much as $84 billion, depending on the Tesla share price.

Other reports put the current figure at $67 billion ($US45 billion).

A US court had previously blocked the absolutely staggering payout from going ahead and it is likely to attract more legal headaches in the future before the actual payout happens. The vote is not binding.

After learning he was going to become $84 billion richer, Mr Musk took to a stage following the vote and declared “I just want to start off by saying, hot damn, I love you guys!”

Musk has been battling for the pay deal. Picture: Jonathan Ernst/Reuters

How it works is that Mr Musk will be given the rights to around 300 million Tesla shares, which equates to about 10 per cent control of the whole business. That’s why, depending on the price, it could be a payday as high as $84 billion.

The pay is being justified to investors by the fact the entrepreneur has taken the company above and beyond expectations, meeting goals that had been previously believed to be impossible.

Tesla now has a market capitalisation of $861 billion ($US571 billion).

Shares in the company jumped three per cent higher after Mr Musk’s announcement.

Mr Musk and his loyal board had campaigned for shareholders to vote for the massive payout after a Delaware judge had ruled against them.

A small investor sued over the deal in January, saying the dollar figure had been reached through an illegitimate process.

The judge came to the same conclusion, finding that the board was under Mr Musk’s thumb and couldn’t be considered independent or fair.

Mr Musk threatened to leave Tesla if the deal didn’t go ahead, and he also claimed it had the wide support of Tesla investors.

Musk is already the world’s richest man, but this will see him become substantially more rich. Picture: Frederic J. Brown / AFP

The extra money is really the last thing Mr Musk needs, as he is already filthy rich.

He is currently the world’s richest person, with a net worth of $313 billion ($US207 billion).

It also comes amid other questions surrounding Mr Musk’s leadership, particularly for his involvement in changing Twitter, now named X, since carrying out a multi-billion dollar takeover deal, and also his role as boss of SpaceX.

Earlier this week, Mr Musk is alleged to have had sex with a woman who was an intern at SpaceX, when she was still at university, before hiring her to a senior role years later and trying to embark on a relationship.

New research has found the X platform has attracted more right-wing users since Mr Musk took over in late 2022.

Originally published as Elon Musk to be paid as much as $84 billion after Tesla deal struck