Elon Musk Seeks $56 Billion Compensation Package from Tesla, Backed by Dogecoin Co-founder Billy Markus

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ICARO Media Group
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13/06/2024 23h36

Musk's compensation package, agreed upon by Tesla shareholders in 2018, includes a $56 billion payout if the company's market value surpasses $650 billion within a ten-year period.

Markus joined forces with renowned investor and Ark Invest CEO Cathie Wood in publicly backing Musk's concerns over this compensation package. The package amounts to less than 10% of Tesla's targeted market capitalization. Currently, the electric car giant boasts a valuation of $571.6 billion, coming close to the set target.

However, the payment to Musk has been questioned by several large shareholders and a Delaware judge, leading to a voiding of Tesla's decision. In response, Tesla has requested shareholders to reconsider the matter and vote in favor of honoring the compensation package for their CEO.

Elon Musk, known for his entrepreneurial ventures and ownership of social media giant X, recently made the headlines with an update related to the visibility of likes on his platform. Musk revealed that all likes under posts have now become private, visible only to the account owners themselves. Since implementing this change, Musk claims to have noticed a significant surge in likes.

This announcement received positive feedback from multiple cryptocurrency-related accounts, including Dogecoin co-founder Billy Markus, who goes by Shibetoshi Nakamoto on Twitter/X. Markus expressed his support by commenting on Musk's post with a screenshot from a video game, stating, "Everyone liked that."

With the support of influential figures and the backing of the cryptocurrency community, Elon Musk continues to push for the $56 billion compensation package promised by Tesla. As shareholders prepare to vote on the matter once again, the future of Musk's payout hangs in the balance, placing the focus squarely on the Tesla board and its decisions regarding executive compensation.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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