Tesla has proposed a compensation plan for Ilon Musk worth up to $1 trillion
By ForGeeks
Tesla has proposed a new ten-year compensation plan for CEO Ilon Musk that could be worth up to $1 trillion, despite the company’s struggles in the auto market and its ambitions for humanoid robotics and AI.
Musk’s compensation will be tied to a number of goals, one of which is to increase Tesla’s total valuation from about $1 trillion to more than $8 trillion. The plan calls for Musk to be issued more than 423 million additional shares, which would raise his control of the company to about 25%. Musk has previously threatened to leave Tesla if he is not given more voting rights.
The plan will be voted on by shareholders at the company’s annual meeting, scheduled for later this year. Details of the plan come just a month after the announcement of a $29 billion compensation package intended to replace a previous plan that was rejected by a court in Delaware.
The plan is expected to be voted on by shareholders at the company’s annual meeting later this year.
In a white paper to the Securities and Exchange Commission, Tesla said the world is at a “critical tipping point,” and claims it can contribute to an era of “sustainable abundance” by “scaling innovative and affordable technologies.”
Tesla said it is working toward a “critical tipping point” and claims it can contribute to an era of “sustainable abundance” by “scaling innovative and affordable technologies.
“Tesla can help create a society that democratizes autonomous goods and services,” the company said.
The document also emphasizes that Musk’s “unique vision” is “vital” to “navigate this critical tipping point.” Tesla is referring to the recently published “Master Plan Part IV,” which the company says was “presented” by Musk, though the CEO himself had little comment on it, agreeing only that the plan does not yet contain specifics.
