Tesla CEO Elon Musk may leave the company if a new $1 trillion payment plan is not approved. The proposal has been sent to Tesla’s board of directors for discussion.
What’s happening inside Tesla?
According to Tesla’s chairperson, Robyn Denholm, the company’s board has received a proposal to pay Musk an unbelievable $1 trillion. But it’s not just a simple paycheck, it’s a performance-based reward.
Denholm, warned shareholders in a letter on Monday that Musk could step down as CEO if the plan is rejected.
Denholm explained that the plan was created to keep Musk leading Tesla for at least another seven and a half years. She believes his leadership has been key to the company’s success and to its future growth.
“If he doesn’t get this package,” Denholm warned, “Tesla could lose his time, talent, and vision.”
Under the proposed plan, Musk will receive the $1 trillion payment in 12 parts if Tesla meets certain major goals. These include reaching a market capitalization of $85 trillion and achieving specific targets in self-driving technology and robotics.
The plan aims to reward Musk based on Tesla’s performance and the benefits it brings to shareholders. Denholm also urged investors to re-elect three directors who have worked closely with Musk for many years.
