Elon Musk wins biggest pay package in history
Elon Musk is looking to expand his enormous net worth even more as the Tesla board of directors has offered him a $1 trillion payday, Knewz.com can reveal. The proposed compensation plan would be the largest pay package for an executive in history.
Pay package explained
According to the plan, the CEO — who is the world’s richest person — would get up to 12 percent of Tesla’s stock, which is worth about $1 trillion, if the company hits its targets, such as a market capitalization of $8.5 trillion, as well as other milestones over 10 years. Tesla’s current market value is about $1.1 trillion. Musk currently owns about 13 percent of Tesla’s outstanding shares.
Why he deserves it
“We believe that Elon’s singular vision is vital to navigating this critical inflection point,” Tesla Chair Robyn Denholm said in a letter to investors. “We also recognize the formidable nature of this undertaking and, as a result, the importance of having a leader who is not only willing and capable but eager to meet this challenge.” According to Denholm, “retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history.” During the board’s meeting, they also argued that even though Musk guided Tesla through a period of growth that saw its market capitalization increase by more than 20 times, the wealthy businessman hasn’t received “meaningful compensation” for his work since 2017. The proposed deal is getting a lot of attention. “While bold compensation tied to performance is nothing new, the sheer scale here sets a new bar for CEO incentives and will dominate boardroom debates everywhere,” said Adam Sarhan, chief executive of 50 Park Investments in New York.
Not sharing the wealth
As the 54-year-old prepares to add even more to his bank account, his estranged daughter is struggling to get by compared to her wealthy father, who said she is “dead” to him in the wake of her transition. “People assume I have a lot of money,” Vivian Jenna Wilson, 21, said in an interview with The Cut. “I don’t have hundreds of thousands of dollars at my disposal. My mom is rich, right? But obviously the other one [Musk] … is unimaginable degrees of wealthy.” However, she added, “I don’t have a desire to be superrich.”
‘Pathetic man-child’
Wilson also claimed she has a more humble lifestyle than her father, who is worth close to $415 billion. “I can afford food. I have friends, a shelter and some expendable income, which is nice and much more fortunate than most people my age in Los Angeles,” she said. However, Wilson did admit she went to a “private high school filled with nepo babies” including Gwyneth Paltrow and Chris Martin’s daughter, Apple Martin. Wilson, who has not spoken to her dad since 2020, unapologetically called him a “pathetic man-child,” telling Teen Vogue in March, “I don’t give a f*** how much money anyone has. I don’t. I really don’t. He owns Twitter. OK. Congratulations.” Wilson — who is one of six kids Musk shares with his first wife, author Justine Wilson — once accused him of being an absent parent who was unaccepting of her transition.
