Senator Bernie Sanders has renewed his criticism of America’s widening wealth gap, calling out Tesla Inc. CEO Elon Musk’s $1 trillion pay package that was approved by shareholders.
60% of Americans Live ‘Paycheck To Paycheck’
Sanders pointed to the stark contrast in the U.S. economy, where 60% of Americans are living paycheck to paycheck, while Musk is in line to become a trillionaire. He noted that Musk spent $270 million to support President Donald Trump’s campaign last year.
The Issue with the Pay Package
The Senator from Vermont said that Americans now understand that they’re living in a rigged economy, adding that “Together, we can and must change that.” He emphasized the need for change, highlighting the struggles of the majority of Americans.
Investors Split Over Musk’s Pay Package
While a majority of investors voted in favor of Musk’s controversial compensation package, there have been several prominent investors and analysts who’ve criticized it. This includes Norway’s sovereign wealth fund, which holds a 1.12% stake in Tesla, and announced that it would be voting against the plan.
Critics and Supporters
Investor Ross Gerber has been a vocal critic of the move, calling it “absurd,” and slammed Tesla’s board of directors. On the other hand, Cathie Wood of Ark Invest has come out in support of the plan, saying that investors stand to benefit enormously if Musk and his team manage to hit the objectives of this pay plan.
The Impact on Tesla Shares
Tesla shares were down 3.54% on Thursday, closing at $445.91, and are up 0.17% overnight. The stock scores high on Momentum and Quality, with a favorable price trend in the short, medium, and long terms.
The Need for Change
The controversy surrounding Musk’s pay package highlights the need for change in the U.S. economy. As Senator Sanders emphasized, Americans must come together to address the issue of wealth inequality and create a more just and equitable society.
Key Points
- 60% of Americans are living paycheck to paycheck
- Musk’s $1 trillion pay package was approved by shareholders
- Investors are split over the pay package, with some criticizing it as “absurd”
- Tesla shares were down 3.54% on Thursday, but are up 0.17% overnight
- The controversy highlights the need for change in the U.S. economy to address wealth inequality.