Tesla offers Musk a $1 trillion stock-based compensation plan
Tesla’s board proposed a $1 trillion equity-based pay plan for Elon Musk, the biggest CEO in history, in the ongoing legal battle over past pay.
According to Bloomberg’s latest rankings, Elon Musk was kicked out of his place as the wealthiest person in the world.
The title currently belongs to Larry Ellison, co-founder of Oracle. He won Wall Street expectations after reporting its September 9th revenue, surged 40% the following day.
Musk was considered the wealthiest person in the world, slightly violently, for 300 days. He first claimed the place in 2021, but lost the title of Amazon founder Jeff Bezos, chairman and CEO of LVMH, the world’s largest luxury company, Bloomberg reported.
According to Bloomberg, this is the first time Ellison has been the richest person in the world, with the majority of his 81-year-old’s net worth related to data software companies.
On September 9th, Oracle Corp. reported revenue exceeding Wall Street expectations after announcing it had secured billions of dollars contracts for a cloud infrastructure in continuous demand.
As of 10am on September 10th, Ellison’s net worth had increased by $101 billion. According to the Bloomberg Billionaire Index, he is currently worth $393 billion and Musk is $385 billion. This is the largest daily increase recorded by the index.
Oracle’s shares hit a record high of $345 on September 10th, marking the company’s largest single-day percent jump since 1992. Stock prices have risen about 100% from $166 since the start of the year.
In comparison, Musk’s Tesla’s stock price is down approximately 7% per year. However, the company recently proposed a huge pay package to its CEO. This allowed us to see masks become the world’s first sign.
The lucrative pay package will only be effective if the mask meets a set of targets over the next few years.
Ellison took second place before the revenue release
The rise of Ellison is the day after Forbes released a list of the world’s wealthiest people.
The outlet reports that the 400 wealthiest Americans are worth $6.6 trillion in total, and are only rich. At one point this year, the masks were worth more than $400 billion.
Ellison was second on Forbes’ real-time billionaires list on September 10, with the value of his wealth, lagging behind Musk’s $440.5 billion, at $391.1 billion.
Michelle Del Rey is a trending news reporter for USA Today. Contact her at mdelrey@usatoday.com
