Musk approved for massive $56 billion bonus by shareholders

At the general meeting of car manufacturer Tesla on Thursday, shareholders approved a huge share package for company boss Elon Musk, estimated to be around $56 billion depending on stock prices. This bonus for Musk was initially approved in 2018 but came into question after a lawsuit from a shareholder who believed it was excessive. A judge ruled that Musk had too much influence in the background during discussions about his bonus on Tesla’s board of directors, leaving shareholders in the dark and unable to make a well-considered decision.

Musk was granted the right to receive just over 300 million Tesla shares at the 2018 price, contingent on the company achieving a number of ambitious goals over a period of up to ten years. These goals included increasing the market value from over $50 billion to $650 billion. Despite rapid growth and initial enthusiasm for electric cars, Tesla has seen a decrease in demand for electric vehicles, causing its value to fall below target. Musk must now work to increase the market value again before being entitled to his billion-dollar bonus.

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