NEW DELHI, Sep 7: Electric carmaker Tesla has put forward a pay deal for Elon Musk that is unlike anything the corporate world has ever seen.
The company s board has proposed a package that could touch USD 1 trillion, an exchange filing said.
Tesla’s filing said that it will hand over 12 pc of shares to Musk in a dozen separate packages subject to a certain set of targets by the company.
This exchange filing has been submitted to the US Securities and Exchange Commission, an independent federal agency created by the Securities Exchange Act of 1934.
This deal is not about salary or cash. It is entirely tied to performance, and the goals which are ‘super ambitious.’
For Musk to earn the full amount, Tesla will have to grow many times over.
The company must build millions of electric cars every year, launch fleets of self-driving robotaxis, and bring humanoid robots into production.
It also aims to sign up millions of users for its self-driving software and push its market value into the stratosphere.
Talking about the package move, Tesla said in a letter to shareholders “Retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history.”
The board says the plan is needed to keep Musk focused on Tesla at a time when the company is transforming itself.
Tesla is no longer just about electric cars; it is moving into artificial intelligence, robotics, and autonomous technology.
(UNI)
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