New Delhi [India], September 6 : Elon Musk, Chief Executive Officer (CEO), Tesla could become the world's first trillionaire after the company's board unveiled a new pay package tied to the future growth targets, reported CNN.
The news platform reported that if the move is approved, the package would grant Musk 423.7 million additional Tesla shares, worth approximately USD 143.5 billion at current stock prices, but only if Tesla's market capitalisation soars to USD 8.5 trillion, far above its current USD 1.1 trillion value.
This proposed compensation mirrors Musk's 2018 pay package, which significantly boosted his wealth and was twice approved by shareholders but struck down by a Delaware judge. Tesla is now seeking to re-approve that plan and build on it, the news platform added.
"This is all about Musk being scared about being kicked out of Tesla because he only owns 13%," said Ross Gerber, CEO of Gerber Kawasaki and an early Tesla investor, who has since sold most of his stake, according to CNN.
"I am uncomfortable growing Tesla to be a leader in AI & robotics without having 25% voting control," Musk posted on X. "Unless that is the case, I would prefer to build products outside of Tesla," he further added.
Musk currently owns 410 million Tesla shares worth around USD 139 billion, along with stakes in SpaceX, xAI, and X (formerly Twitter), bringing his net worth to USD 378 billion, according to Bloomberg.
The proxy statement also included a shareholder proposal for Tesla to invest in Musk's AI startup xAI.
As per the report, the company did not take a position on the proposal, and no details were offered on the size or value of the potential investment.
Despite Tesla's recent stock volatilitystill down 26 per cent from its December 2024 peakMusk and Wall Street supporters remain confident in Tesla's long-term growth, driven by his promises of self-driving robotaxis and humanoid robots that could eventually outperform its auto business.
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