Tuesday, February 27, 2024
News No salary for Elon Musk for the next 10 years

No salary for Elon Musk for the next 10 years

Tesla’s founder and CEO, Elon Musk, will not receive a salary for the next 10 years under a new compensation plan that should be approved by shareholders in March. That said, he could still end up being the richest man on the planet at the end of those 10 years.

That will depend on whether or not Tesla is profitable. Indeed, Tesla’s new plan for its CEO is to base his salary on the profitability of the company. More concretely, Musk will have 12 financial goals to achieve, and his salary will be based on those achievements.

According to preliminary reports, meeting every milestone would net Musk a cool $ 55.8 billion over 10 years which could earn him the title of the richest man on earth. This title currently belongs to Bill Gates who has a fortune of more than 80 billion dollars.

Musk’s compensation has been based on the same goal system since 2012, but the most recent ones included items such as bringing the Tesla Model X to market. The CEO’s new goals for the next decade would all be financial.

Tesla posted losses of $ 619 million between July and September 2017.

Trending Now

Mercedes Backtracks, Says Going Full Electric by 2030 is Unrealistic

The company had previously announced it would go fully electric where market conditions allowed. The automaker now wants to keep selling combustion-powered cars,...

Fiat Shows its Vision for the Future

For now, we don't know if Fiat will introduce one of those concepts in North America. The five concepts can be electrified or...

GMC’s Bold Leap with Hummer and Denali in an Electric Future

It’s no secret that, at least for “today”, sustainability intersects with luxury. And when it comes to trucks, GMC emerges as a leader with...

Genesis Could Launch Hybrid Models in 2025

The company had previously planned to launch only electric models starting in 2025. Now, sources claim the G80 and GV70 could become the...

Is GM working on a PHEV version of its full-size trucks?

The PHEV versions could help the Ultium platform to gain momentum. The project regarding the replacement of the old Express/Savana commercial vans with...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.