Tesla Proposes New Pay Package For Elon Musk Worth Up To $1t

Tesla has projected a caller 10-year compensation scheme for CEO Elon Musk that could beryllium worthy arsenic overmuch arsenic $1 trillion moreover arsenic nan EV maker’s car business stumbles and it sets its sights connected humanoid robotics and AI.

The institution has tied nan compensation to a number of benchmarks, 1 of which involves expanding Tesla’s wide valuation from astir $1 trillion to much than $8 trillion. The scheme would assistance Musk much than 423 cardinal further shares successful nan company, boosting his level of power to astir 25%. Musk has antecedently threatened to time off Tesla if he didn’t person much voting power.

The connection will beryllium voted connected by shareholders astatine Tesla’s yearly meeting, which is scheduled for later this year. The specifications of nan scheme travel conscionable 1 period aft nan institution announced a $29 cardinal compensation package meant to dress up for a scheme that was struck down by a judge successful Delaware.

Tesla wrote to shareholders successful a filing pinch nan Securities and Exchange Commission that nan institution believes nan world is astatine a “critical inflection point” successful society, and claims it tin usher successful an era of “sustainable abundance” by “introducing innovative and affordable technologies astatine scale.”

“Tesla tin thief bring astir a nine that democratizes autonomous equipment and services,” nan institution wrote.

Tesla wrote that Musk’s “singular vision” is “vital” to “navigating this captious inflection point.” It cited nan company’s recently-published “Master Plan Part IV,” which it says Musk “unveiled,” moreover though nan CEO hardly acknowledged it, isolated from for agreeing that it lacked specifics.