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Dogecoin Founder Reveals How Elon Musk's Wealth Could Surge by Billions

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Wed, 12/06/2024 - 10:09
Dogecoin Founder Reveals How Elon Musk's Wealth Could Surge by Billions
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Billy Markus, known as Shibetoshi Nakamoto on Twitter/X, the co-creator of Dogecoin, has shared his take on the recent issue that Elon Musk has bumped into with his Tesla compensation package.

Markus sided with Musk, believing that the tech entrepreneur should receive this money – a whopping $56 billion compensation for bringing Tesla to the current level of profitability.

Elon Musk's $56 billion compensation up in 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 to in 2018, provided that Musk brings the company’s market capitalization to at least $650 billion within the next 10 years.

Now, as more than five years have passed since then, Tesla’s market value already stands at $571.6 billion. With this in mind, Tesla has urged its shareholders to reaffirm the compensation package for Elon Musk.

However, Glass Lewis, a major American proxy advisory services company, advised the company’s shareholders in May to reject this compensation plan for the CEO, referring to its enormous size. The eighth biggest shareholder, Norges Bank Investment Management (NBIM), has stated that it will vote against the payout. It stated that despite Musk’s leadership helping to generate significant value for Tesla, it finds the bonus too large.

In late January, a Delaware judge voided the decision to pay $56 billion to Musk in the future. Now, this week, Tesla shareholders will have another vote on whether to approve this compensation package or not – in 2018, Musk committed to working for Tesla without any salary or stocks transferring into his ownership, but he agreed to receive $56 billion in 10 years should they raise the company’s market value significantly.

Related

Billy Markus and Cathie Wood side with Musk

Billy Markus, along with prominent figures in finance 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 that was an official deal and was voted for by Tesla shareholders. The DOGE cofounder pointed out that in the future the reputation of these shareholders might be dampened, and other players might treat them in the same way they are treating Musk now.

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