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Tesla’s board is asking shareholders to approve a new pay package for CEO Elon Musk that could be worth up to $1 trillion in a decade, representing one of the richest compensation packages in corporate history.
According to a regulatory filing published Friday, the electric car maker’s board wants to award Musk about 423 million shares, which today have a value of $143 billion, if the company hits certain profitability, production and market capitalization milestones.
To earn the full pay package, Tesla would have to reach a market cap of $8.5 trillion — about eight times its current value — in 10 years. At that level, the stock awarded to Musk would be worth more than $1 trillion.
The entrepreneur’s previous compensation has drawn legal challenges. In 2018, Tesla investors filed a lawsuit challenging Musk’s $56 billion pay package, alleging that he and the company’s board had breached their fiduciary duties. In December, a Delaware judge ordered the company to revoke that award.
In August, Tesla said it was granting Musk shares totaling around $29 billion.
—This is breaking news and will be updated.
