Planet Money
Why is everyone talking about Musk's money?
Jun 19, 2024
Elon Musk's journey from near-bankruptcy to becoming the richest person on Earth is a captivating tale. The controversy over his record-setting compensation package sparked a corporate battle that feels like a plot from a drama series. The podcast dives into the complexities of executive pay, governance, and the implications for modern capitalism. It also revisits Tesla's pivotal moments, like the launch of the affordable Model 3, while exploring how Musk's persona shapes corporate dynamics and influences societal power.
28:24
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Quick takeaways
- Elon Musk's compensation saga showcases the intersection of economics and corporate governance in shaping industry leaders.
- Shareholder approval of Musk's revised pay package reflects recognition of his pivotal role in Tesla's success.
Deep dives
The Unprecedented Compensation Package of Elon Musk
Elon Musk's journey from rescuing Tesla from bankruptcy to becoming the richest man in the world was accompanied by a remarkable compensation package that was both unprecedented in scale and risk. The board set 12 challenging benchmarks linked to the company's performance, potentially worth up to $56 billion, with the first goal requiring Tesla's value to nearly double. Despite initial skepticism, Musk achieved these milestones, leading to a significant increase in Tesla's value and his net worth.
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