Elon Musk set for major SpaceX payday if Mars colony succeeds | Latest Tech News
SpaceX’s board of administrators has reportedly authorised a pay bundle that would give Elon Musk a large payday if the company succeeds in establishing a human colony on Mars.
The pay bundle, which acquired approval in January, would grant Musk a whopping 200 million super-voting restricted shares of stock – as long as the colony is everlasting, has at least a million residents, and SpaceX has hit a market valuation of $7.5 trillion.
The longshot incentives had been detailed in SpaceX paperwork as half of the company’s confidential submitting with the SEC to go public, according to GWN, which has reviewed the paperwork.
Musk, 54, had long touted a Mars colony as important to humanity’s long-term survival and has been photographed carrying an “Occupy Mars” T-shirt on more than one event. SpaceX’s web site acknowledges that a self-sufficient colony would “require upwards of one million people and millions of tons of cargo to be delivered to the Red planet.”
The objectives usually are not locked to a particular timeframe – which means Musk is eligible to obtain the reward at any time so long as he stays CEO of SpaceX.
Elon Musk is photographed at SpaceX in Brownsville, Texas. The Washington Post via Getty Images
The Post has reached out to SpaceX for remark.
SpaceX’s incentive plan for Musk would also award up to 60.4 million restricted shares on March 23 tied to unspecified “valuation goals” and a requirement that the firm succeeds in Musk’s plan to launch data facilities into orbit to help help his company’s AI ambitions, according to GWN.
Elon Musk needs to set up a colony on Mars. via REUTERS
Those shares could be awarded in tranches based on if and when SpaceX hits valuation targets.
If the objectives are reached, it might propel Musk – already the world’s richest individual – to unprecedent ranges of wealth. His personal fortune is estimated to be $778 billion, according to Forbes.
In November, shareholders in Musk’s other company Tesla authorised a historic $1 trillion pay bundle. Like the SpaceX plan, it might be paid out in tranches based on Tesla hitting valuation targets and manufacturing objectives tied its autos and Optimus humanoid robots.
SpaceX is focusing on a $1.75 trillion valuation in its upcoming IPO. It is aiming to raise more than $50 billion from buyers, which might set up it as the most important public debut of all time.
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