Tesla boss Elon Musk has had a record-breaking pay package that could be worth nearly $1tn (£760bn) approved by shareholders.

The unprecedented deal was approved by 75% of votes and drew huge applause from the audience at the firm’s annual general meeting on Thursday.

Musk, who is already the world’s richest man, must drastically raise the electric car firm’s market value over 10 years.

If he does this and meets various targets, he will be rewarded with hundreds of millions of new shares.

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