Tesla pushes for $56bn pay deal for Elon Musk


Tesla wants to give Elon Musk, its boss, a huge pay deal worth $56 billion. This would be the biggest pay deal ever in America.

In 2018, Tesla proposed a similar deal, but a judge said it was too much money. Now, Tesla wants to try again.

The deal doesn’t include a regular salary. Instead, Musk would get rewards based on how well Tesla’s stock does over 10 years. Right now, Tesla’s stock is worth about $500 billion.

The judge said the deal wasn’t fair to Tesla’s shareholders. Musk didn’t like this and even talked about moving Tesla’s headquarters.

Now, Tesla is asking shareholders to vote on the pay deal again. The company’s chairperson thinks Musk deserves the money because he hasn’t been paid a salary for six years.

Musk didn’t get any salary in 2023 either, and he doesn’t take a salary from Tesla. He gets paid through stock options.

Tesla wants to appeal the judge’s decision, but at the same time, they’re asking shareholders to vote again on the 2018 pay package.

This comes at a tough time for Tesla. They had fewer car deliveries, and Musk faced some controversies. But despite this, Musk is still one of the richest people in the world.

He’s been dealing with issues like car recalls, controversies, and problems with his social media platform, X. However, despite all of this, Elon Musk remains incredibly wealthy, with estimates of his net worth ranging from $198 billion to $220 billion as of November 2023, making him the richest person globally.


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