Tesla’s board chair Robyn Denholm has defended the proposed $1 trillion pay package for CEO Elon Musk, calling the debate over its scale “a little bit weird.” With Tesla shareholders set to vote in November on what would be the largest executive compensation plan in corporate history, Denholm told The New York Times that the deal is not just about Musk’s personal wealth but about ensuring he maintains influence at the company.
“I think it’s a little bit weird talking about the dollars when it’s actually the voting influence,” Denholm said, stressing that Musk is motivated by power and ambitious goals rather than financial gain.
The package, structured over 10 years, ties Musk’s payout to performance benchmarks, but not past results. Tesla’s profits and vehicle sales have been declining, raising questions about whether such an enormous deal is warranted. Still, Denholm argued that the plan is focused on future performance, noting that Musk “gets nothing if he doesn’t perform against the goals.”
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Critics point out that the proposed targets are less demanding than some of Musk’s past promises for Tesla. Nonetheless, the vote will determine if investors support compensating the billionaire with unprecedented rewards to secure his leadership and vision for the company’s future.
