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Elon Musk Announces He Pays Himself Minimum Wage

by : UNILAD on : 21 Feb 2018 21:58
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You know who’s playing the long game? Elon Musk. He may seem the type of guy who would fly to Mars tomorrow with a 99.9 per cent chance of not making it back, but when it comes to acquiring money, the Tesla CEO is taking it slow

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His new compensation package will pay Musk in stock options over 10 years in a series of 12 tranches.

But to get them, he must meet two milestones to do with Tesla’s market value and its revenue and profitability, respectably.

With each tranche, comes a target market value increase of $50 billion. By the 12th, Tesla’s value could stand at a whopping $650 billion AKA more money than sense.

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However, as per Musk himself in The New York Times:

If all that happens over the next 10 years is that Tesla’s value grows by 80 or 90 percent, then my amount of compensation would be zero.

Despite all this it’s remarkable to know that Musk makes a standard minimum wage salary.

All this is probably taking a back seat at the minute, though, judging by the goals he wants to achieve by 2030. Top of his priority list is getting the Model 3 production on track and to hit 5,000 cars per month by March 2018, reports Futurism.

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Around the same time, Tesla promised an update to its self-driving car software, bringing them closer to reaching Level-5 autonomy before 2020.

Then there is the Boring Company’s tunnel under Los Angeles, creating the most advanced transportation system ever seen.

Three years down the road in 2020, Musk plans skyrocket and the Tesla Roadster 2.0 is set for release and if plans for the Model 3 production go smoothly then Tesla should be producing one million of the electric vehicles (EVs) every year. If he’s really on track, by 2021 Musk should have completed the Tesla gigafactory in China and start manufacturing EVs.

2022 could be Musk’s biggest year with the first planned cargo mission to Mars aboard a Big Falcon Rocket (BFR). The new reusable rocket would become the standard spacecraft used for SpaceX missions in an effort to make space travel more affordable.

As well as these deadlines, Musk has other huge goals such as the Hyperloop ‘pusher pod’ which he got up to 220mph.

He said he believes he will soon hit half the speed of sound and aims to break speed records.

Topics: Technology

Credits

The New York Times and 1 other
  1. The New York Times

    Tesla’s Elon Musk May Have Boldest Pay Plan in Corporate History

  2. Futurism

    Here’s a List of Everything Elon Musk Says He’ll Do by 2030