What do you give a man who already can buy anything? How about $1 trillion?
That’s what the Tesla board of directors have decided to offer CEO Elon Musk. They unveiled a new pay package Friday for shareholders to consider that could give Musk up to 423.7 million additional shares of Tesla stock in the next decade.
Those potential shares might “only” be worth $148.7 billion as of Friday’s closing price. But if Tesla shares appreciate as much as the pay package forecasts, they would be worth close to $1 trillion once Tesla hits certain milestones: He gets all of those shares only if Tesla becomes worth $8.5 trillion, about eight times as much as it is today, and twice as much as any company on the planet has ever been worth.
The company’s board says in its filing to shareholders that it needs to offer Musk a historic pay package or risk losing the leader who has become synonymous – for better or worse – with the Tesla brand.
The board said that during the negotiations on the pay package, “Musk also raised the possibility that he may pursue other interests that may afford him greater influence if he did not receive such assurances.”
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