Elon Musk is set to become the world’s first trillionaire under the tesla pay package – national
The richest man in the world has just been given the chance to become history’s first trillionaire.
Elon Musk won a shareholder vote on Thursday that will give the TESLA CEO’s stock worth $1 trillion if he hits the next performance target over the next ten years. The votes followed weeks of debate over his management record at the electric car maker and whether anyone deserved the unprecedented salary, drawing comments from big investors such as pension experts and the pope.
Ultimately, more than 75% of the voting shares gathered at the company’s Austin, Texas, headquarters approved the plan.
“A good group of shareholders,” Musk said after the final vote was considered, adds “a hang on to your Tesla stock.”
This vote is a surprising victory for the investor who still has faith in him as Tesla fights for sales, market share and profits, in no small part because of Musk himself, in part because of Musk himself, in part because of Musk himself, because of the penetration of the body. Car buyers are fleeing the company this year as it has become involved in politics in the US and Europe, and has been implicated in conspiracy theories.
The vote came just three days after a report from Europe showed sales of Tesla vehicles peaked again last month, including a 50% fall in Germany.
However, many Tesla investors consider Musk to be a kind of miracle man capable of surprising business success, as when he pulled Tesla from the brink of bankruptcy twelve years ago to transform it into one of the most valuable companies in the world.
This vote clears the way for Musk to become a trillionaire by issuing new shares, but it won’t be easy. The board of directors created a remuneration package that requires him to hit certain milestones for financial and operational performance, including increasing the company’s value on the stock market by nearly six times.
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Musk also has to bring 20 million electric cars to the market in 10 years amid new competition, strong competition, more than doubling the amount since the company’s founding. He must also send more than 1 million of his human-like robots to transform work and home – he calls “robot armies” – from scratch today.
Musk could add billions to his fortune in a few years by delivering on these goals, according to various interim measures that will give him newly created stock in the company as it approaches the final stone.
That would help him eventually top what is now considered America’s richest man, John D. Rockefeller. The railway titan is estimated by Guinness World Records to have been worth $630 billion, in current dollars, at its peak economy more than 110 years ago. Musk is worth $493 billion, as estimated by Forbel magazine.
Musk’s win came despite opposition from several major funds, including Calfers, the largest US pension fund, and Norway. Two corporate watchdogs, the services of Institutional Sharedner and Lig Glass Lewis, and exploded this package, which misk was so angry that he took it to call them “corporate terrorists who have recently cooperated.”
Critics say that the Board of Directors saw too much to be musk, the way he behaved recently and the wealth has contributed too much.
Supporters say Musk is needed to be able to focus on the company as it works to transform it into self-driving audio software that uses software to work with software to use wheels that will make offices that will make offices, factories and homes do more work now.
Investors to actively vote should have considered that this is Musk’s bold promise, tomorrow, but even if he can spoil things today, he has scared investors in the lap.
As it happens, Tesla shares, which have already risen 80% over the past year, rose 1.5% on the news of the vote, at $447.27 in after-hours trading.
For his part, Susk says the vote wasn’t really about money but getting a higher Tesla stake – it will again be 30% – so he can have more power in the company. He said that was a pressing concern given the future of Tesla’s “robot armies” suggesting that he did not rely on anyone else to control potential threats to humanity.
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