Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Tesla Inc. proposed a new compensation agreement for Chief Executive Officer Elon Musk potentially worth around $1 trillion, a massive package without precedent in corporate America.
The long-awaited proposal, designed to incentivize Musk to lead Tesla for years to come, sets a series of ambitious benchmarks he must meet to earn the full payout, including expanding Tesla’s nascent robotaxi business and growing the company’s market value to at least $8.5 trillion from about $1.1 trillion today. The plan spans 10 years.
The additional shares Musk could receive would push his holdings in the electric-vehicle maker to at least 25%, according to the terms detailed in Tesla’s proxy filing Friday. Musk has publicly stated he wants a stake of that size.
The plan dangles a financial windfall and expanded control of the company to Musk, already the world’s richest person, after his 2018 package valued in excess of $50 billion was struck down by a Delaware court. While Tesla appeals that decision, the board is seeking other ways to compensate its CEO, including with an interim stock award in early August valued at about $30 billion.
Today's show features:
- Bloomberg Technology Co-Host Ed Ludlow on Thursday’s White House tech summit and Tesla’s new proposal for $1 trillion Elon Musk pay package
- Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey on Treasury market moves and the latest news from the Federal Reserve and Constance Hunter, Chief Economist at the EIU (Economist Intelligence Unit), on the August nonfarm payrolls report
- Dr. Misty Heggeness, Associate Professor at the University of Kansas and former principal economist at the US Census Bureau, on women in the workforce
- Louis "Louie" Navellier, Chairman, Founder and CIO of Navellier & Associates, on markets and the economy
See omnystudio.com/listener for privacy information.
