Tesla, Elon Musk
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Billionaire Elon Musk has begged investors to give him his $1 trillion dollar bonus, despite Tesla suffering a 37 percent drop in profits this quarter. The world’s richest car salesman has had the huge stock-based pay package dangled in front of him by the board if he meets specific criteria.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply
Elon Musk, the world’s richest man, has come out swinging against the “corporate terrorists” opposing his proposed $1 trillion pay package at Tesla, which would also hand him a bigger chunk of the electric car empire, in what would be the largest compensation deal in history.
The sales were boosted by customers rushing to take advantage of a $7,500 federal tax credit for those EV purchases before it expired.
That pay package, according to Tesla, will keep Musk focused and committed to the company, and it’s contingent on unprecedented and unrealistic milestones that no other executive would be able to achieve for the business.
Plus, automakers beg the Trump administration not to tax their robots, and Volkswagen has data about how people are buying its EVs.
The Austin automaker sold more cars in this year’s July-September period than a year ago but earned less per unit because it slashed prices.
8hon MSN
Musk's rollercoaster year: From boycotts and plunging earnings to a potential trillion-dollar payday
Elon Musk literally left a government job with a black eye, has seen profits at his car company sink and must worry about federal regulators disrupting his plans to unleash a fleet of driverless taxis on America's roads in the next few years.
The "affordable" models, introduced this month, represent a bet by Elon Musk that Tesla can increase overall sales and earnings by driving volume.