Tesla CEO Elon Musk is now the world’s richest person, with a net worth exceeding $490 billion. He also has a chance to become the first tech trillionaire in history through his EV company. To solidify his position, Tesla has offered Musk an astounding $1 trillion pay package, though it still requires shareholder approval.
According to CNBC, Tesla Board Chair Robyn Denholm has requested that Tesla shareholders approve Elon Musk’s $1 trillion compensation package ahead of the November meeting. Denholm described Musk as a pivotal figure in the company, crediting him with preventing Tesla from becoming “just another car company” by investing in initiatives such as Full Self-Driving and the Optimus humanoid robots.
“Without Elon, Tesla could lose significant value, as our company may no longer be valued for what we aim to become,” Denholm wrote to shareholders.
The $1 trillion pay package is awarded in stock and contingent upon achieving specific performance targets, including increasing Tesla’s market cap from its current $1.461 trillion to $8.5 trillion.
Musk currently holds a 13 percent stake in Tesla, and the proposed pay package could increase that to 29 percent, giving him greater influence and authority within the company. Musk has stated that requesting a $1 trillion compensation package is not for personal gain, but to ensure he remains at Tesla to lead ambitious projects such as robotaxis and humanoid robots.
Offering such astronomical compensation packages to a controversial figure like Elon Musk has certainly sparked dissenting voices from unions and corporate watchdogs. Even a website called Take Back Tesla has been launched to oppose Musk’s pay package. The site claims that “Elon Musk’s recent political activity threatens the company’s brand,” noting that the billionaire has supported right-wing political movements and amplified online conspiracy theories.
Following the controversy over Musk’s involvement in the Trump administration, Tesla’s sales in the U.S. and European markets fell, and the company experienced a significant decline in revenue. Some Tesla showrooms were also vandalized across the U.S and other countries.