Tesla, $1 trillion bonus for Musk - The package is expected to be approved by the company's shareholders in November
Tesla has prepared a $1 trillion compensation package for Chief Executive Officer Elon Musk, which is expected to be approved by shareholders in November. According to the board, the package is designed to keep Musk in the job after he has repeatedly threatened to leave.
The $1 trillion, 10-year compensation package designed to keep Tesla CEO Elon Musk in office is likely to be approved by shareholders at the company's annual meeting in November, even though the amount is staggering.
This is expected to happen because the package is designed with the aim of keeping Musk in office, in order to address concerns over the company's technical outlook and to give large owners enough reason to support the $1 trillion amount.
On Friday, Tesla’s board approved what it called “A Super Ambitious Compensation Package for a Pioneering, Ambitious and Unique CEO,” which sets lofty goals for the company’s earnings and valuation, giving Musk millions of shares over the next decade if he hits the targets. The package immediately gives Elon Musk 96 million restricted shares, worth more than $31 billion, that will vest over the next two years, as well as more control over the company. According to executive compensation research firm Equilar, Musk’s total compensation package by 2025 is estimated to exceed $113 billion.
“The pay package, which places a big bet on the future of robots, may get shareholder support,” said Taufiq Rahim, a SpaceX investor. “But it raises larger social questions about profits going to a few equity holders, which is likely not sustainable and will face public pressure.”
The package is designed to prevent Musk from leaving and is directly focused on transforming Tesla into an artificial intelligence and robotics powerhouse, said the board, which believes Musk is the only person on the planet who can unlock Tesla's full potential.
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