Tesla has proposed a new 10-year compensation plan for CEO Elon Musk, which could be worth as much as $1 trillion even if EV Maker’s automotive business by chance and has set its sights on human robotics and AI.
The company relates compensation to many benchmarks, one of which is to increase Tesla’s total valuation from about $1 trillion to more than $8 trillion. The plan will grant Musk more than 423 million shares of the company, increasing his control level to around 25%. Musk has previously threatened that if Tesla does not get more voting rights, he will leave.
The proposal will be voted by shareholders at Tesla’s annual meeting, which is scheduled to be held later this year. Details of the program are only one month after the company announces $29 billion in salary package It is to make up for a plan developed by a judge in Delaware.
Tesla wrote to shareholders in a filing with the Securities and Exchange Commission, which the company believes the world is at a “key turning point” in society and claims it can introduce innovative and affordable technologies through “scale introduction to innovative and affordable technologies.”
“Tesla could help achieve a society that democratizes automated goods and services,” the company wrote.
Tesla wrote that Musk’s “singular vision” is crucial to “navigation of this critical turning point.” It references the company’s Recently published “Part 4 of the Master Plan”, it said Musk “unveiled”, agreeing that it lacks specific details, although the CEO has barely admitted it.
