Elon Musk’s aspiration for admiration and affection, even as a potential trillionaire, is deemed unattainable. Recently, Tesla’s shareholders approved a massive compensation plan for the Tesla and SpaceX magnate that could push his net worth over $1 trillion. Despite already holding the title of the world’s wealthiest individual with an estimated fortune of £380 billion, this new deal could grant him nearly $1 trillion (£760 billion) in Tesla shares within the next decade.
However, securing this record-breaking payout is uncertain and relies on Tesla meeting challenging objectives, such as a five-fold increase in the company’s market value, successful sales of a million self-driving Robotaxis, and advancements in humanoid robot technology. The notion of one person, especially the controversial figure of Mr. Musk, receiving such a staggering sum has sparked immediate criticism.
Andy Prendergast, National Secretary of the GMB union, criticized the proposed payout, stating that no amount of money can buy the respect or affection that Elon Musk seems to crave. The exorbitant sum of a trillion pounds for someone like Musk is seen as a symbol of the societal issues surrounding wealth inequality and increasing economic hardships. This sentiment was echoed by Matt Britzman, a senior equity analyst at Hargreaves Lansdown, who labeled the $1 trillion CEO pay package as outrageous, considering the monumental milestones Tesla must achieve to unlock it.
If realized, Musk’s compensation package would nearly match the entire economy of Poland, a country with a population of 36 million. This news follows Musk’s achievement of surpassing a personal fortune of $500 billion, owning companies like SpaceX and the social media platform X, formerly Twitter.
Critics like Tesla shareholder Ross Gerber and Andrew Speke from the High Pay Centre have raised concerns about the implications of Musk’s enormous pay package. Gerber highlighted the extraordinary nature of the deal, while Speke criticized the capitalist model that rewards a select few individuals with vast wealth while many others struggle with declining living standards.
As Tesla shareholders hope for Musk to refocus on the company, concerns have arisen due to his involvement in politics and controversies, including his support for Donald Trump and Nigel Farage. The approval of Musk’s pay deal coincides with challenges faced by Tesla in sales, political backlash, and competition from Chinese car manufacturers.
Should Musk reach trillionaire status, he would outshine all other individuals by a significant margin based on current standings. His wealth would surpass that of Larry Ellison and Jeff Bezos, making him the wealthiest person by a substantial margin.