Billy Markus, known as Shibetoshi Nakamoto on Twitter/X, the co-creator of Dogecoin, has shared his thoughts on the recent issue Elon Musk has run into with his Tesla compensation package.
Billy Markus, known as Shibetoshi Nakamoto on Twitter/X, the co-creator of Dogecoin, has shared his thoughts on the recent issue Elon Musk has run into with his Tesla compensation package.
Markus sided with Musk, believing the tech entrepreneur should receive this money: a whopping $56 billion in compensation for bringing Tesla to its current level of profitability.
I honestly don’t understand any arguments for Elon not receiving the pay package that was agreed upon 5 years ago, unless the same people making those arguments think that no one should honor any agreement made with them for the rest of their lives as well.
HOT StoriesSHIB, FLOKI, WIF, BRETT: Meme Coin Bloodbath ContinuesSHIB soars 2,834% despite price remaining 6% lowerShiba Inu’s Shibaswap now supports DEXToolsWill Shiba inu (SHIB) lose $0.00002? Bitcoin (BTC) Plunges After Hitting $70,000, Solana (SOL) Might Be the Safest Asset at the Top of the Market Right Now—Shibetoshi Nakamoto (@BillyM2k) June 11, 2024
Elon Musk’s $56 billion compensation up in the air
Following several major figures on X recently, Billy Markus tweeted that Elon Musk should be allowed to receive the $56 billion compensation package that Tesla shareholders agreed in 2018provided Musk takes the company’s market capitalization to at least $650 billion over the next 10 years.
Now, more than five years since then, Tesla’s market value already amounts to $571.6 billion. In this sense, Tesla has urged its shareholders to reaffirm the compensation package for Elon Musk.
However, Glass Lewis, a major US proxy advisory services firm, in May advised the company’s shareholders to reject this CEO compensation plan, citing its enormous size. The eighth largest shareholder, Norges Bank Investment Management (NBIM), has declared that it will vote against the payment. He stated that even though Musk’s leadership helped generate significant value for Tesla, he believes the bonus is too large.
In late January, a Delaware judge overturned the decision to pay $56 billion to Musk in the future. Now, this week, Tesla shareholders will have another vote on whether or not to approve this compensation package: In 2018, Musk committed to working for Tesla without any salary or transfer of shares to his ownership, but agreed to receive 56 billion dollars in 10 years. in case they significantly increase the market value of the company.
Yuri MolchanBilly Markus and Cathie Wood side with Musk
Billy Markus, along with prominent financial sector figures such as Cathie Wood, have supported Elon Musk, stating that he is entitled to receive $56 billion from Tesla in the future.
Markus tweeted that Musk should receive the money since it was an official agreement and was voted on by Tesla shareholders. The DOGE co-founder noted that in the future the reputation of these shareholders could be damaged and other actors could treat them the same way they treat Musk now.
