"Elon Musk could become the world's first trillionaire if he hits targets set by Tesla, under a scheme disclosed by the electric car company he runs and in which he is the largest shareholder. Tesla outlined the terms of the incentive package, unprecedented in corporate history, in a section of its latest stock market update that began: Yes, you read that correctly. Musk, the company said, will have to increase the value of the company from just over $1tn today to $8.5tn over 10 years."
"If he presides over growth on that scale, the 54-year-old would receive new shares that would push his stake in the company from nearly 16% to well beyond 25%, increasing the fortunes of the world's richest man to more than $2tn. Estimates of Musk's current net worth vary but a live ranking of the world's wealthiest people on the planet, compiled by Forbes, estimates the South African-born tycoon's fortune at $430.9bn. In second place, with $272.3bn, is the investor and Oracle co-founder Larry Ellison."
Tesla disclosed an incentive package that could make Elon Musk the world's first trillionaire if company value rises from just over $1tn to $8.5tn within ten years. The plan would award Musk new shares that could increase his stake from nearly 16% to well beyond 25%, potentially boosting his net worth above $2tn. The package builds on a 2018 performance award and includes profit targets 28 times higher than that earlier scheme. Payouts would also depend on delivering new products, including operating 1 million robotaxis and delivering 1 million humanoid AI bots. The plan was filed with the US SEC.
Read at www.theguardian.com
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