Elon Musk on Track to Become World’s First Trillionaire: Shareholders Approve Eye-Watering Pay Package Worth UP TO $1.5 TRILLION
- Musk’s massive payday relies on Tesla’s market value increasing by a staggering $US7.5 trillion by 2035
- The electric car maker’s boss would need to deliver one million commercially operable robotaxis and one million AI bots to receive the full award
- At $US1 trillion, Musk’s potential payday would be more than half the value of Australia’s economic output last year
In a move that has left many stunned, Tesla shareholders have overwhelmingly approved a pay package for boss Elon Musk that could see him become the world’s first trillionaire. The deal, worth up to $1.5 trillion, would cement Musk’s position as the richest person on the planet.
The vote took place at Tesla’s Texas factory, where Musk took to the stage, dancing with a humanoid robot to the delight of the small crowd. “I super appreciate it,” the billionaire entrepreneur beamed, as shareholders chanted his name.
But just how massive is Musk’s potential payday? To put it into perspective, $1 trillion is equal to a thousand billion – a number with 12 zeros: $1,000,000,000,000. In Australian dollars, that’s a staggering $1.54 trillion.
According to UTS Business School professor Carl Rhodes, it’s an “unfathomable amount of money”. “No-one can spend that amount of money – there’s no material benefit from having half a trillion dollars,” he said. “In many ways, this is about power as much as it is about money.”
So, what are the details of Musk’s pay deal? The package links his potential payday to ambitious milestones for the company, including increasing Tesla’s market capitalisation by approximately $US7.5 trillion by 2035 – up from $US1 trillion currently.
In addition to the valuation milestone, Musk would need to deliver one million commercially operable robotaxis and one million AI bots to receive the full award. The electric car maker’s boss would also need to stay with the company for at least seven and a half years, and up to a decade, to receive the full value.
The deal has sparked controversy, with some major investors and proxy advisory firms opposing the package. Norway’s sovereign wealth fund, which is Tesla’s sixth-largest outside investor, warned it would vote against the deal earlier this week.
But Tesla’s board has been vocal in its support for Musk, warning that he could quit if his pay package wasn’t approved. “Mr Musk is independently wealthy and has consistently demonstrated that he is motivated by more than just conventional forms of compensation,” the company’s official filing read.
As the electric vehicle industry continues to evolve, Musk’s role in shaping its future cannot be overstated. With his sights set on becoming the world’s first trillionaire, one thing is certain – Elon Musk is on a mission to change the world, one innovative step at a time.