Musk’s potential $64 billion payday

https://finance.nine.com.au/2018/03/23/10/30/elon-musks-potentialk-64-billion-payday

Elon Musk could take home the biggest CEO payday in US corporate history if he’s able to exponentially grow the value of his electric car company Tesla.

Tesla shareholders earlier this week held a vote to approve a $64 billion share-based pay deal for Musk, approving the package if certain targets are hit.

Tesla has been struggling recently to meet the production targets for its Model 3 vehicle, and many believe it is on track to make a billion-dollar loss over the financial year.

Musk, who didn’t participate in the vote, owns an estimated 20 percent of Tesla which is currently valued at $52.21 billion.

In order for the 46-year-old billionaire to take home the entire package, Tesla’s market capitalisation would have to jump to $650 billion within a decade – a whopping 1077 percent increase.

The remuneration plan was modelled on a 2012 pay package that would award Musk up to 12 percent more of the company if he was able to take Tesla from electric concept car company to fully-fledged automotive competitor.

A Tesla shareholder told Reuters that the meeting only garnered 73 percent support for Musk’s pay package. Typically CEOs receive 95 percent shareholder agreement over remuneration packages.

Elon Musk is currently estimated to have a personal net wealth of $19.9 billion, making him the 54th richest man in the world and the 24th richest American.

His space exploration company SpaceX is now worth an estimated $20 billion.

Musk grew up in South Africa as the son of an electromechanical engineer and a dietitian, and moved to Canada when he was 17.

As a child he was reportedly relentlessly bullied, but showed a remarkable ability for computer programming.

In 1999 he founded X.com, an email company that later merged with fledgling payment transfer service PayPal. In 2002 eBay bought PayPal, netting Musk $165 million.

Musk now uses his corporate platform to promote environmentally friendly travel, warn of the dangers of artificial intelligence and promote the idea of colonising Mars.

———-

like he needs more money..

“Tesla shareholders earlier this week held a vote to approve a $64 billion share-based pay deal for Musk, approving the package if certain targets are hit.”

vote yes?

401

~ by seeker401 on March 31, 2018.

7 Responses to “Musk’s potential $64 billion payday”

  1. we hear this morning that Tesla-stop producing model S maybe ?
    stock tumble biggly

  2. Will he grow Telsa’s car value? hmmm. Big payday if he does. Sounds like the board decided he needed more incentive to get the ball rolling, because Telsa, according to the article, is not doing well at all.

  3. wow is this true https://pbs.twimg.com/media/DZjmvHdVQAAt_MK.jpg
    we think MAKE MORE SENSE THAN LUCIFERIANS fairy tales that THEY told WOW

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