Electric vehicle giant Tesla Inc. and its CEO, Elon Musk, are on the defensive as questions arise over Musk’s trillion-dollar pay package and his fortune, currently worth half a trillion dollars.
Elon Musk Defends $500 Billion Fortune
Musk has been defended by X user Seth Dillon, who said that wealth of this magnitude is an indication of the incalculable value that’s been created for the entire world. Musk then responded to Dillon’s post, saying “I build a lot of things with awesome people, and the companies that build those things get assigned a big value.”
The belief that this only happens by exploitation is so absurd. Wealth of this magnitude is an indication of the incalculable value that’s been created for the entire world.
- Seth Dillon
I build a lot of things with awesome people and the companies that build those things get assigned a big value
- Elon Musk
Tesla Defends Elon Musk’s Pay Package
Tesla has also defended Musk’s new pay package after criticism from New York State Comptroller Thomas DiNapoli, who called the package “excessive”. The EV giant said that Musk’s compensation is directly tied to shareholder value creation, and that he will receive nothing if he does not deliver.
Tesla’s Special Committee designed a performance incentive plan that completely aligns Elon’s compensation & shareholder value creation. If @elonmusk doesn’t deliver results, he receives nothing.
- Tesla
Tesla Urges Shareholders’ Positive Vote
The company has urged shareholders to vote in favor of all the recommendations laid down by the Board of Directors, including Musk’s new pay package. Tesla has also launched an ad campaign across the internet and social media, urging shareholders to vote for Musk’s pay package.
Elon Musk Says Pay Package About Retaining Control
Musk has said that the shareholder vote isn’t about the compensation award, but about retaining control over the EV giant. He has expressed concerns about being kicked out by activist shareholder advisory firms who don’t even own Tesla shares themselves.
If I can just get kicked out in the future by activist shareholder advisory firms who don’t even own Tesla shares themselves, I’m not comfortable with that future
- Elon Musk
Criticism of the Pay Package
The pay package has been criticized by public figures like Sen. Bernie Sanders and Pope Leo. Sanders has called the pay package “grossly immoral”, while the Pope has expressed concern about the widening income gap in society.
Key Takeaways
- Elon Musk’s trillion-dollar pay package and $500 billion fortune have come under scrutiny
- Tesla has defended Musk’s pay package, saying it’s directly tied to shareholder value creation
- Musk has said that the shareholder vote is about retaining control over the EV giant
- The pay package has been criticized by public figures like Sen. Bernie Sanders and Pope Leo
Next Steps
Stay tuned for more updates on this story as it develops. In the meantime, check out our Future Of Mobility coverage for more insights on the latest trends and developments in the electric vehicle industry.