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Tesla boss Elon Musk will receive a pay package worth over $1tn (\u00a3740bn) if he hits a list of ambitious targets over the next decade, the board of the electric car firm has proposed.<\/p>\n
Musk would not get a salary or bonus under the plan, which depends on Tesla’s value soaring more than eightfold alongside other moonshot goals.<\/p>\n
To get the $1tn package, Musk, who is already the world’s richest person, would need to boost one of Tesla’s earning figures 24-fold, put a million robotaxis into operation, sell a million artificial intelligence robots, and sell another 12 million Tesla cars.<\/p>\n
The company’s board urged investors to vote in favour of the package.<\/p>\n<\/div>\n
“Growth that may seem impossible today can be unlocked with new ideas, better technology and greater innovation,” Tesla chair Robyn Denholm said.<\/p>\n
“Simply put, retaining and incentivising Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history.”<\/p>\n
It comes after Musk was awarded $29bn in shares last month<\/a> after his original $50bn award was struck down by a US court for being “unfair to shareholders”.<\/p>\n<\/div>\n Under the latest plan Musk would be awarded the shares in 12 tranches, tied to 12 market milestones. The first milestone is reaching a market value of $2tn.<\/p>\n He must also hit an operational milestone alongside each market milestone, which include the robot and vehicle targets.<\/p>\n Dan Coatsworth, investment analyst at AJ Bell, said the suggested pay award “beggars belief”.<\/p>\n “Is one person worth that much?” he asked.<\/p>\n Mr Coatsworth added that Musk “presides over a company that has lost its edge, is being overtaken by rivals, and whose brand has been tarnished by Musk’s actions outside of Tesla.”<\/p>\n He continued: “Surely Musk should be fighting for his job, not Tesla’s board fighting to keep him?”<\/p>\n