Jack Dorsey , Twitter co-founder and former CEO, has shared a post supporting proposed $1 trillion pay package for Tesla CEO Elon Musk . For those unaware, the EV maker is set to host its annual general meeting (AGM) today, November 6. One of the key agenda of this year’s Tesla AGM is the $1 trillion pay package for Musk which was initially proposed in September this year. Voicing his support, Dorsey wrote in an X post: “ this is not about compensation. it’s about ensuring a principled (and exciting!) engineering approach to the company’s future.”
Dorsey quoted a previous Tesla post dated September 18. It said:
“ Tesla is at a critical inflection point. We need your vote ahead of our 2025 Annual Meeting on November 6.
Tesla shareholders, the owners of our company, will soon receive their control numbers and voting instructions from their brokers. This will enable you to vote.
We are asking you to vote with the Board’s recommendations on *all* proposals.
Tesla is on the precipice of another massive wave of transformational growth, as demonstrated by the unveiling of our Master Plan Part IV. If you believe, like us, that @ElonMusk is the CEO that can make this ambitious vision a reality, vote your shares.”
Elon Musk’s $1 trillion pay package
In September this year, the Tesla board proposed a $1 trillion compensation plan for CEO Elon Musk. The newly proposed award is roughly 18 times the size of the 2018 pay package.
In a filing with the US Securities and Exchange Commission (SEC), the company said that “traditional compensation packages granted to executives at other companies were determined to not be appropriate for designing Mr. Musk’s incentive compensation.”
Notably, the new pay package comes with a condition – 10 million active FSD subscriptions for Tesla and 1 million Tesla robotaxis on the road. FSD, as explained in the SEC filing “means an advanced driving system, regardless of the marketing name used, that is capable of performing transportation tasks that provide autonomous or similar functionality under specified driving conditions”.
Dorsey quoted a previous Tesla post dated September 18. It said:
“ Tesla is at a critical inflection point. We need your vote ahead of our 2025 Annual Meeting on November 6.
Tesla shareholders, the owners of our company, will soon receive their control numbers and voting instructions from their brokers. This will enable you to vote.
We are asking you to vote with the Board’s recommendations on *all* proposals.
Tesla is on the precipice of another massive wave of transformational growth, as demonstrated by the unveiling of our Master Plan Part IV. If you believe, like us, that @ElonMusk is the CEO that can make this ambitious vision a reality, vote your shares.”
Elon Musk’s $1 trillion pay package
In September this year, the Tesla board proposed a $1 trillion compensation plan for CEO Elon Musk. The newly proposed award is roughly 18 times the size of the 2018 pay package.
In a filing with the US Securities and Exchange Commission (SEC), the company said that “traditional compensation packages granted to executives at other companies were determined to not be appropriate for designing Mr. Musk’s incentive compensation.”
Notably, the new pay package comes with a condition – 10 million active FSD subscriptions for Tesla and 1 million Tesla robotaxis on the road. FSD, as explained in the SEC filing “means an advanced driving system, regardless of the marketing name used, that is capable of performing transportation tasks that provide autonomous or similar functionality under specified driving conditions”.
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