Elon Musk may not be able to acquire the admiration or affection he appears to desire, even if he were to achieve the milestone of becoming the world’s first trillionaire, as suggested. The Tesla and SpaceX chief could reach the $1 trillion mark following approval from the car manufacturer’s shareholders for a substantial potential deal. Already holding the title of the wealthiest individual globally with an estimated fortune of £380 billion, Musk stands to receive close to $1 trillion (£760 billion) in Tesla shares over the coming decade.
Securing the largest payout in corporate history is not guaranteed and is contingent on Tesla meeting several challenging objectives, including a five-fold increase in the company’s stock market value, the sale of one million self-driving Robotaxis, and the development of humanoid robots. Nevertheless, the idea of one person, particularly someone as controversial as Mr. Musk, receiving such a staggering sum has immediately sparked criticism.
Andy Prendergast, National Secretary of the GMB union, remarked that no amount of money can buy Musk the respect or affection he seems to crave so urgently. The proposed trillion-pound payout for Musk has been denounced as not only excessive but also emblematic of the societal issues at play. This astronomical pay package for one individual is viewed as a stark contrast to the backdrop of growing inequality and social challenges faced by hard-working individuals. Analysts like Matt Britzman have labeled the $1 trillion CEO pay package as outrageous, given the immense hurdles Tesla must overcome to unlock it.
If Musk’s pay package materializes, it would nearly match the economy of Poland, a country with a population of 36 million. This development follows Musk’s achievement of surpassing a personal fortune of $500 billion, in addition to his ownership of SpaceX and the formerly owned social media platform, Twitter.
Tesla shareholder Ross Gerber described Musk’s pay deal as another extraordinary occurrence in the business world. Gerber expressed concerns about the public perception of Musk and the impact of his actions on Tesla’s stake. Meanwhile, Andrew Speke from the High Pay Centre criticized the $1 trillion pay package as a distressing indication of a capitalist system favoring a select few while the majority’s living standards decline.
Tesla shareholders are hopeful that Musk will redirect his focus to the car company after his brief and controversial involvement in politics, including his support for Donald Trump. Despite a public falling-out with Trump, Musk’s eccentricity and personal life have continued to draw attention and speculation.
The approval of the pay deal coincides with Tesla facing sales challenges due to a lack of new models, backlash from Musk’s political views, and increased competition from Chinese car manufacturers. If Musk achieves trillionaire status, he would outshine all others by a considerable margin, surpassing current billionaires like Larry Ellison and Jeff Bezos by multiple folds.