It’s well known that Elon Musk’s mother, Maye, was born in Regina even though she was only two years old when she and her family moved to South Africa. Not only did she go on to have a successful life, but so did her son, Elon, who is now one of the wealthiest men in the world thanks to his car company, Tesla, among many other business and technology ventures. In fact, it’s not uncommon to see electric Tesla automobiles driving around Regina these days. More and more people have purchased his electric cars, along with other brands on the market.
It’s not a surprise how and why he became the wealthiest person on Earth judging by the salary he gets from Tesla. Back in 2018 Tesla shareholders and Elon Musk created a $56 billion US pay package for him! To put that in perspective, he’s getting 250 times more than any other of his peers in similar positions. Glass Lewis and Co., a proxy advisory firm, recommended shareholders to not renew that pay package deal because of how excessive it is. Despite being signed in 2018, a judge in Delaware said it was far to excessive and that shareholders did not fully understand what it actually entailed. The judge then deemed the deal illegal and voided it.
Next month shareholders are being encouraged to vote against the $56 billion pay package deal. Opponents have started sending out mail and creating websites to convince investors to reject this pay package and create something more realistic.
Imagine coming home with a multi-billion dollar wage? What would you do if you made that much money? Would the cons outweigh the pros when dealing excessive wealth like that? It’s a lot of wealth for one family let alone one person. Think of the issues society is dealing with that could be solved by the billions of dollars that one person is making? These are the questions that shareholders will be asking themselves when the vote on Musk’s pay package happens on June 13th.
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