Tesla’s shareholders have agreed to pay a whopping price for its Founder to remain more invested in the company with his time and commitments.
Already the wealthiest man in the world, approval of a pay package for Elon Musk will make the South Africa-born tech entrepreneur the world’s first trillionaire.
The issue of Musk’s pay package has been so contentious that even Pope Leo XIV weighed in during his first sit-down media interview. The Pope gave the example of the SpaceX and Twitter owner and said income inequality is fuelling polarisation across societies.
On Thursday, 75 per cent of Tesla shareholders voted to approve the compensation plan.
However, Musk will have to work hard to get the US$1 trillion cheque. The package is contingent to several goals, including taking Tesla’s market capitalisation in 2035 to US$8.5 trillion from its current US$1.4 trillion. Among other goals are selling one million Oprimus, the company’s robots with humanlike qualities, 10 million paid subscriptions to the company’s self-driving software, sells 12 million vehicles a year, and deploy one million robotaxis.
Musk will also have to remain Tesla’s CEO for seven and a half years to earn any shares from the new pay package.
Following the approval, Musk thanked the shareholders and said: “What we’re about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book.”
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