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After the shareholders’ decision, Musk reached the stage and danced.
Tesla shareholders have approved the largest pay package ever for CEO Elon Musk, with conditions. This package is worth 1 trillion dollars (about ₹ 83 lakh crore).
More than 75% of shareholders said yes in the voting, which did not include Musk’s 15% shares. This package can now make him the world’s first trillionaire.
After the salary package was approved, Musk thanked the shareholders and even danced on stage. He said, “This is not a new chapter of Tesla, but a new book.
The trillion dollar package received by Elon Musk is about 16 times more than the package of $56 billion he received in 2018. The new package is for 10 years.
Elon Musk and Tesla Optimus dance after the decisions of the Tesla shareholders meeting.
Optimus Robot will be a bigger product than a cellphone
Talking about robots, Musk said, “This will be the biggest product, bigger than cell phones… Every person will want their own personal robot.”
Optimus is Tesla’s humanoid robot, announced in 2021 and the first prototype shown in 2022. Its purpose is to do factory work, domestic work or those jobs which humans do not want to do. Tesla’s focus is now on robots and autonomous cars.
Optimus robot has been trained for household chores. Apart from this, she is also being given training in dance and martial arts.
Claimed to eradicate poverty with Optimus robot
Recently, during the announcement of Tesla’s quarterly results, he claimed to eradicate poverty with the help of his Optimus robot. He said- It can play a big role in eliminating poverty and making advanced healthcare easily available to everyone.
Robots and automation will remove the burden of labor from human shoulders, so that society can focus on high-value work. Musk said that Optimus could one day become an “amazing surgeon”, and this is part of his long-term vision.
Musk said that even though these claims seem like mere imagination right now, these things show that Tesla is making robotics its next big product after electric vehicles.
Package will be available only after fulfilling three major conditions
This $1 trillion compensation agreement is a 10-year plan, in which Musk will get stock options in 12 tranches. To get full payment, certain benchmarks will have to be met.
- The market cap of the company will become 8.5 trillion dollars i.e. about Rs 750 lakh crore.
- To achieve 10 million paid subscriptions of full self-driving software.
- Selling 10 lakh humanoid robots. Its production is expected to start in 18 months.
The current value of Tesla is 1.40 trillion dollars i.e. about Rs 124 lakh crore. The package calls for 466% growth, surpassing Nvidia’s record valuation of $5 trillion.
Elon Musk answered shareholders’ questions at Tesla’s annual meeting.
Musk’s holding in the company may increase to 29%
Musk is already the richest person in the world and if this plan is passed, his holding may increase from 15% to 29%. This package received by Musk is similar to the 2018 plan.
In this, instead of salary, Musk got shares of the company worth $ 56 billion. In this also he had to fulfill some conditions only after which these shares were given.
However, in 2018, the $56 billion stock options-based package received by Musk was rejected by the Delaware Court.
Shareholders say that the board did not tell them the details properly. Therefore voting was not fair. Tesla is now appealing against the court order.
Shift from EV, keeping an eye on robotaxi and humanoid robots
Tesla is now focusing on self-driving cars, robotaxi and humanoid robots more than EVs. Musk said in the shareholder meeting that robots are more important than cars. Full self-driving (FSD) software still requires driver attention.
The robots are currently in development and are not being sold, so Musk will not receive shares if targets are missed. Despite company challenges, this package is being seen as motivation.
Musk wants strong influence from 1 trillion dollar package
Musk says that the package is not for wealth, but for voting control so that he can keep strong influence but can also be fired if necessary.
- Recently, in the Q3 earnings call, investors asked Musk about the current challenges in bringing the Optimus robot to market. Musk said that Tesla’s manufacturing and tech strength is tremendous, but the basic concern is about voting control in Tesla.
- He said – Voting control should be so much that I get strong influence, but not so much that if I go crazy, I cannot be fired. If I don’t have strong influence, I don’t feel comfortable creating this robot army.
Musk’s supporters said – this is motivation, opponents said – wealth concentration
Tesla’s board and many investors, such as Florida’s Public Pension Fund, are calling this plan motivating for Musk. The fund said in the filing…
- Those who call the plan ‘too big’ are ignoring Tesla’s ambitions. The company has already achieved global leadership in EV and clean energy through such incentives.
- “Investors don’t understand how much they and their clients stand to gain if Musk achieves his goals,” Cathie Wood, CEO of Ark Invest, wrote on X.
But pension funds in New York and California objected. Norway Sovereign Wealth Fund said, “Musk’s value creation is appreciated, but the size, dilution and key person risk of the award are a matter of concern.” Pope Leo XIV said – Musk’s compensation is a symptom of the gap between working people and the rich.
Musk is the world’s first businessman with a net worth of $500 billion.
In early October, Musk became the first person in the world to touch the $500 billion wealth mark. According to the Forbes Real Time Billionaires List, when the US market closed on October 1, Elon Musk’s net worth had reached $ 500 billion (Rs 44.33 lakh crore). Musk’s net worth has increased 34 times in the last 10 years.
Musk created companies like Tesla, SpaceX and Neuralink
Tesla: Tesla was founded in 2003 by Martin Eberhard and Mark Tarpenning. Elon Musk was one of the early investors in the company and in February 2004 he invested heavily in Tesla. After this Musk became the chairman and then CEO of Tesla. Tesla’s objective was to make electric vehicles available to the common people and promote sustainable energy.
SpaceX: SpaceX was started by Elon Musk in March 2002. His dream was to reduce the cost of space launch and establish human settlement on Mars. SpaceX launched the first successful rocket (Falcon 1) in 2008, and its Dragon capsule docked with the International Space Station in 2012.
Neuralink: Neuralink was founded by Elon Musk in 2016. The aim of this company is to develop brain-machine interface technology that connects the human brain and computer. Neuralink aims to treat neurological diseases and better connect humans with artificial intelligence in the future.
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