Elon Musk’s mega salary package
The world’s richest man Elon Musk is now going to create another history. Tesla’s shareholders have approved a pay package of $1 trillion (about Rs 83 lakh crore) to be given to them. This is the biggest package any corporate CEO has ever received. In the voting held at Tesla’s annual meeting, more than 75% of the shareholders voted in favor of this plan.
Musk on his way to becoming the first trillionaire
After this historic decision, there is every possibility of Musk becoming the world’s first trillionaire. According to Forbes, 54 year old Elon Musk’s net worth is $490.1 billion. If this new pay plan is completed, their wealth could increase to $2.4 trillion, which is more than the entire GDP of many countries.
Big package with big responsibility
Musk will not get this package together. They will be given stock options in 12 installments. The first part will be received when Tesla’s market value reaches $2 trillion and the company sells 20 million vehicles. The next installment will be released when Tesla’s value reaches $3 trillion and the company delivers 1 million ‘Optimus’ robots. If Tesla achieves all these goals, its value will reach $8.5 trillion, with Musk owning about 25% of the company.
The earnings of other billionaires will also fade away.
According to a Reuters report, if Tesla achieves only the initial two targets, then Musk will pocket $26 billion. This amount is more than the entire earnings of Meta’s Mark Zuckerberg, Apple’s Tim Cook and Nvidia’s Jensen Huang.
Old package rejected, mega deal found again
This new pay package of Tesla comes after the Delaware Court canceled Musk’s old $56 billion pay plan. The court had said that the package was a ‘conflict of interest’. After this, the company prepared a new and much bigger package so that Musk can remain in the company and take the future of Tesla to greater heights.
Critics said, payment for power not performance
However, not everyone is happy with this decision. New York State Comptroller Thomas DiNapoli called it ‘payment for unrestricted power.’ Meanwhile, US Senator Bernie Sanders said, ‘When common people are struggling for rent, medicine and food, it is absurd to give such a huge amount to one person. He is already richer than half the households in America.