His Tesla pay deal - worth up to $56bn (£44bn) depending on the firm's share price - which has now been backed by shareholders is 75% of the ent

Is Elon Musk worth his $56bn Tesla pay package?

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2024-06-14 14:00:07

His Tesla pay deal - worth up to $56bn (£44bn) depending on the firm's share price - which has now been backed by shareholders is 75% of the entire spending for schools in England in 2024-25 (£60bn) and around a quarter of the budget for the NHS (£192bn).

To his many admirers, Mr Musk is worth every single cent which comes his way - and shareholders agreed, with around 72% of the voting shares backing the deal.

You could argue Tesla opened up the US market for electric vehicles, SpaceX has just sent the world’s most powerful rocket into space, and a man who volunteered to be the first human to be implanted with a Neuralink microchip into his brain can now control a computer using his thoughts.

Prior to 2018, when it was agreed by the company’s board, there had been speculation about his future at the electric car maker.

The deal was structured in such a way that if Mr Musk didn’t hit certain milestones – such as Tesla’s market value, sales and underlying profit – he wouldn’t get paid at all.