Friday, May 20, 2022
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.

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