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Elon Musk could step down from Tesla as CEO if his proposed $1 trillion pay package is not approved, Chair Robyn Denholm informed the shareholders on Monday.

According to Reuters, the proposed package would grant Musk 12 tranches of stock options tied to ambitious targets, including a market capitalisation of $8.5 trillion and milestones in autonomous driving and robotics.

Ahead of the November 6 annual meeting, Denholm said in a letter that Musk’s leadership was “critical" to Tesla’s success.

Earlier, Musk said that the biggest pay package was necessary to protect his company.

“It’s not like I’m going to go spend the money," Musk said on a call with investors Wednesday. “There needs to be enough voting control to give (me) a strong influence – but not so much

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