Topline
Tesla outlined a new compensation package for its CEO, Elon Musk, on Friday, which could be worth around $1 trillion if the company meets certain ambitious goals over the next decade, in a move that comes a month after the company’s board approved a stock award for him worth around $29 billion.
The company outlined the plan in an SEC filing, which could see the billionaire gain an additional 12% stake in the electric car maker, in line with a demand Musk made last year.
In the filing, the company notes that it “does not currently have a long-term CEO performance award in place to retain and incentivize Elon to focus his energies on Tesla,” and it was “time to change that.”
To receive his full compensation reward, Musk will need to meet the ambitious goal of raising Tesla’s market cap from around $1 trillion at present to $8.5 trillion within a ten-year period.
Musk has not yet publicly commented on the matter.
This is a developing story.