Jack Dorsey backs Elon Musk’s $1 trillion Tesla pay package — Why former Twitter CEO supports the plan
Twitter co-founder Jack Dorsey has confirmed the now-approved $1 trillion pay package for Tesla CEO Elon Musk. Dorsey’s support for Musk comes just ahead of the Nov. 6 General Assembly meeting, where Tesla’s Board of Directors and shareholders approved a new pay package for the world’s richest person that will make him even richer and possibly the first trillionaire in the world.
Expressing his support for Elon Musk, the former Twitter CEO said that the offer is not just about the $ 1 trillion salary package.
“It’s not about pay, it’s about providing a principled (and exciting!) engineering approach to the company’s future [sic]” he wrote to X.
Jack Dorsey was quoting a post from Tesla urging shareholders to vote at the AGM on November 6th.
“Tesla is at a critical juncture. We need your vote before 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,” the Sept. 18 post said.
“We ask you to vote with the Board’s recommendations on *all* proposals. Tesla is on the verge of another massive wave of transformational growth, as evidenced by the unveiling of Master Plan Part IV. If you believe, as we do, that Elon Musk is the CEO who can turn this ambitious vision into reality, vote your shares,” he added.
Elon Musk took note of Jack Dorsey’s X post and commented with a heart emoji.
Tesla approves Elon Musk’s $1 trillion salary
Tesla shareholders approved a $1 trillion pay package for Chief Executive Elon Musk, the largest payout ever given to a corporate leader.
At the company’s annual meeting on Thursday, it was stated that more than 75 percent of the votes were in favor of the large salary plan. The result caps a week-long campaign to build support from the electric vehicle maker’s board of directors, CEO and leading retail investors.
The salary deal paves the way for Musk, the world’s richest person, to become the first trillionaire and increase his stake in Tesla to 25% or more over the next decade. To get the full payout, Tesla will need to meet targets to significantly increase its market value, revive its flagging auto business and launch its fledgling robotaxi and Optimus robotics efforts.
“This isn’t just a new page for Tesla, it’s a new book,” Musk said, wearing a black Tesla jacket as he walked on stage in front of a cheering crowd at the shareholders’ meeting. “And this new book greatly increases vehicle production and Optimus production at a rate never seen before in human history.”
