**Elon Musk on the Brink of Becoming a Trillionaire** Elon Musk could soon make history as the world's first trillionaire. This follows a significant vote by Tesla shareholders today, who approved a new compensation plan for the CEO. If Tesla meets specific performance criteria over the next decade, Musk could unlock a staggering $1 trillion worth of Tesla stock. Currently, Tesla's stock value stands at approximately $1.5 trillion. For Musk to achieve trillionaire status, the company's market value must soar to over $8.5 trillion. Notably, the new package stipulates that Musk will not receive a salary. To earn an additional 12 per cent of Tesla's shares by 2035, Musk must deliver ambitious targets. These include selling 20 million electric vehicles, securing 10 million active full self-driving subscriptions, producing one million humanoid robots, and launching a commercial service featuring one million Tesla taxis. Even if he does not meet all these goals, Musk could still benefit financially. For instance, he stands to gain $50 billion in additional Tesla shares if he increases the company's market value by 80 per cent, a feat he accomplished last year. He could also earn shares by doubling vehicle sales or tripling operating earnings, or by achieving any two of a dozen operational targets. Currently, Musk is the richest individual globally, with a net worth of $493 billion, according to Forbes. He has expressed that his focus is not solely on financial gain but on increasing his stake in Tesla, which would rise to nearly 30 per cent. This increase is crucial for him to maintain control over the company, especially concerning Tesla's future "robot army," referring to the Optimus humanoid workers. Musk has indicated that he does not trust anyone else to manage this aspect of the business. Support for the compensation package has emerged from various investors, including Baron Capital Management. Founder Ron Baron stated, "Without his relentless drive and uncompromising standards, there would be no Tesla." However, the plan has faced criticism from significant investors, including the California Public Employees' Retirement System (Calpers) and Norway's sovereign wealth fund, the largest in the world. They argue that the compensation is excessive, with Norway's fund raising concerns about the independence of the board that designed the package, which includes Musk's brother. This criticism echoes a Delaware court's ruling nearly two years ago, which condemned the approval process of a previous Musk pay package as "deeply flawed" due to Musk's extensive ties to the directors.
Elon Musk Poised to Become First Trillionaire
Britain News5 hrs ago
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