Summary
Tesla's board proposed a pay package for CEO Elon Musk that could make him a trillionaire if he meets specific goals over the next decade. The compensation will be awarded in Tesla shares, based on performance targets like increasing Tesla's value and car production. Shareholders will vote on this package on November 6.
Key Facts
- Tesla's board proposed a compensation plan for CEO Elon Musk that could total a trillion dollars over 10 years.
- To receive this, Musk must achieve goals like increasing Tesla's value to $8.6 trillion and delivering 20 million vehicles.
- The compensation is all in Tesla shares, with no cash bonuses or salary for Musk.
- Musk must stay with Tesla for at least 7.5 years to collect any shares.
- If successful, this would be the largest corporate pay package in U.S. history.
- Shareholders will vote on this package on November 6.
- The proposal has been reviewed by a committee of independent directors.
- Musk's 2018 pay package of $55.8 billion is still under legal review.
