"Sen. Bernie Sanders (I-Vermont) has denounced a plan by Tesla's board to grant its CEO, Elon Musk, a compensation package worth $975 billion, which would make him the world's first trillionaire. On Friday, Tesla's board submitted a filing proposing a plan that would grant Musk over 423 million shares if Tesla hits $8.5 trillion in total value by 2035 - up from the company's current value of roughly $1.1 trillion. Those shares, worth $143 billion today, would bring Musk's stake in the company to a staggering 29 percent."
""Another $900 billion for Elon Musk, while 60% live paycheck to paycheck? Really?" said Sanders in a post on social media on Monday. "This is not only grossly immoral. It is insane economics," he went on. "No society can survive when one man becomes a trillionaire while the working class struggles to survive. This cannot stand.""
A proposed Tesla compensation package would grant Elon Musk over 423 million shares if Tesla reaches an $8.5 trillion valuation by 2035, potentially adding roughly $975 billion to his wealth and increasing his stake to about 29 percent. Tesla's current market value is approximately $1.1 trillion and Musk's present net worth is about $435 billion. Critics call the package grossly immoral and economically reckless and warn it would exacerbate U.S. wealth inequality. Independent analyses show global billionaire wealth has surged and significant wealth has shifted toward the top 1 percent.
Read at Truthout
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