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Tesla shareholders have approved the largest pay package ever for CEO Elon Musk. This package is worth about 1 trillion dollars (about ₹ 83 lakh crore).
After this decision, Musk has joined the race to become the world’s first trillionaire. However, to get this package, Musk will also have to fulfill the targets given by the company.
In the company’s annual meeting on Thursday, more than 75% shareholders voted in favor of this package. After this, after reaching the stage, Musk danced and said,
We are now starting not just a new chapter in Tesla’s future, but a new book.
According to reports, if this proposal was rejected, Musk could consider leaving the CEO post. The company has given this package to Musk to keep him with Tesla for a long time.
The company put 4 targets in front of Musk
The company has mainly put 4 targets in front of Musk. Bringing Tesla’s market value to $2 trillion. To deliver 20 million (2 crore) cars in the next 10 years. Tripleting the company’s operating profit and producing 10 lakh robotic taxis. If Musk achieves these targets, he can become the world’s first trillionaire.
Musk had warned of leaving the company
Musk, who owns 15% of the company’s shares, had warned shareholders that he could leave the company if the proposal was rejected. He said he wanted a larger stake to maintain control over Tesla’s “robot army project.”
Musk is the world’s first businessman with $500 billion wealth.
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 wealth has increased 34 times in the last 10 years.
Tesla shares rise after the announcement
Tesla shares rose 1.8% after Musk’s announcement regarding the package. The company’s shares have increased by 14% so far this year. Tesla’s market cap is around $1.4 trillion (Rs 120 lakh crore). Its share price is $445.91. Tesla shares have given a return of 78%. The company’s shares have risen 62% in the last 6 months. Tesla has two showrooms in India in Mumbai and Delhi.
Made and sold video games at the age of 12 Elon Musk is the richest person in the world. He is the CEO of popular electric vehicle makers Tesla and SpaceX. Musk learned computer programming at the age of 10 and created a video game called ‘Blaster’ at the age of 12. A local magazine bought it from him for five hundred US dollars. This can be called Musk’s first ‘business achievement’.
In 1995, he founded the web software company Zip-2. Compaq bought this company in 1999 for $307 million. From this deal, Musk received $22 million in exchange for 7% stake in the company. This is where Elon Musk’s business really started.
eBay bought PayPal in 2002 Musk created PayPal in 1999. eBay bought it in 2002 for $1.5 billion. Musk earned $180 million from this deal. Musk founded SpaceX soon after. Through this company, Musk wants to make humanity a multi-planet species by establishing a colony on Mars.
Musk’s second company was X.com which was an online service company. Later it became PayPal and eBay bought it.
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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