Tesla offers pay package to CEO Elon Musk that could be worth up to $1 trillion

[noumoe]

Tesla's board of directors is asking shareholders to approve a new pay package for CEO Elon Musk that could be worth up to $1 trillion in a decade, representing one of the richest compensation packages in corporate history.

According to a regulatory filing published Friday, the electric car maker's board wants to award Musk about 423 million shares, which today have a value of $143 billion, if the company hits certain profitability, production and market capitalization milestones.

"Tesla does not currently have a long-term CEO performance award in place to retain and incentivize Elon to focus his energies on Tesla and lead us through this pivotal moment in our history. It's time to change that," board members said in a letter to shareholders.

For Musk to earn the full pay package, Tesla would have to reach a market cap of $8.5 trillion — about eight times its current value — in 10 years. At that level, the stock awarded to Musk would be worth more than $1 trillion.

https://www.cbsnews.com/news/elon-musk- ... -trillion/