Tesla shareholders have approved Elon Musk’s trillion-dollar pay package. This is the largest corporate payment ever. This package will be given in 12 installments subject to the company fulfilling strict conditions like market value and increasing sales.
Elon Musks Latest Salary: In the Tesla shareholders’ meeting, the proposal to give a salary package of trillions of dollars (one trillion) to Elon Musk has been approved. By the way, in terms of wealth, Elon Musk is already far ahead of other billionaires. According to Bloomberg’s list, Musk’s total wealth is $461 billion (about Rs 40 lakh crore). Right behind him is Oracle Chief Larry Ellison, whose wealth is $303 billion (Rs 26.8 lakh crore). At the same time, according to the AFP report, this is the largest payment ever given to a corporate leader.
Elon Musk will get huge salary with some conditions
At the company’s annual meeting, a Tesla official said that the salary package received the support of more than 75% of the shareholders. But Musk will not get this salary package easily. Some conditions have also been kept for this. To get the first phase package, Musk will have to increase Tesla’s market value from the current $1.54 trillion to $2 trillion. After this, if the market value gradually increases by $ 500 billion to reach $ 6.5 trillion, they will get the next 9 phase package. Then for every increase of one trillion dollars, i.e. on reaching $8.5 trillion, there is a condition of giving the complete package to Musk.
Musk will get his salary in 12 installments
Upon receiving this package, Musk’s stake in the company will increase from 13% to 25%. This will help them maintain their strong position in the company. This package will be available in 12 installments. There are other things in the list of conditions, like increasing the sales of vehicles to 2 crore and making 10 lakh robotaxis.