Tesla, compensation package for Elon Musk - $1 trillion reward, if the company achieves ambitious targets
Tesla's board has proposed a compensation package for CEO Elon Musk worth up to $1 trillion, highlighting the enormous influence he has over the company. The decision comes as the giant seeks to transform itself into a leading force in artificial intelligence and robotics.
The world's richest person has repeatedly stated the need for a larger ownership stake in the company, even as a legal battle rages over his 2018 compensation package, which was then valued at just $56 billion.
The regulatory filing separates Musk from other tech executives, specifying that “the traditional compensation package for executives at other companies was deemed inappropriate to frame Musk’s compensation.”
The proposed plan would give Musk up to 12% of Tesla's shares, valued at about $1.03 trillion, if the company reaches a market valuation of $8.6 trillion. The plan calls for a nearly eightfold increase in Tesla's value, or about $7.5 trillion, over a decade.
Achieving this result would significantly boost Musk's voting power from his current roughly 13 percent, intensifying debates over governance at the company.
He will receive neither salary nor cash bonuses under this proposal. Compensation is tied solely to reserved shares that are released only if Tesla meets required goals, such as selling millions of electric vehicles, launching robo-taxis and humanoid robots with artificial intelligence.
Earlier this year, the board approved an interim compensation package for Musk worth about $29 billion in restricted stock, designed to keep him at the helm until at least 2030 while the company chooses a strategy based largely on artificial intelligence.
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