SpaceX to Reward Musk for Mars Colony With 1 Million People
The plan gives Musk 1 billion restricted shares that vest only if SpaceX reaches extreme valuation targets and builds a million-person Mars colony.
- On Wednesday, SpaceX CEO Elon Musk's new 1 billion-share compensation plan, disclosed in an S-1 filing, requires him to establish "a permanent human colony on Mars with at least one million inhabitants."
- While Silicon Valley "moonshot" packages typically reward corporate growth, this 15-tranche award ties vesting to market-cap milestones and the establishment of a human colony on Mars; the board adjusted milestones after xAI's February merger.
- If SpaceX hits the $7.5 trillion market-cap milestone, the award could theoretically swell to about $583 billion, dwarfing Musk's previous $55.8 billion Tesla compensation plan that faced a Delaware court battle.
- Separately, the filing outlines an award of about 302 million shares for orbital data centers, reinforcing Musk's 85.1 per cent voting power ahead of a record initial public offering planned for next month.
- The filing says the award's second condition "reads more like science fiction than securities law," as SpaceX lacks specifics on how to certify a million-person Mars colony, though both milestones must be met to unlock vesting.
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Elon Musk's pay package hinges on putting 1 million people on Mars
Colonizing Mars will be a prerequisite for Elon Musk's future pay package, according to the SpaceX's S1. Musk was grated 1 billion performance-based Class B shares of SpaceX -- but they will only vest upon the "establishment of a permanent human colony on Mars with at least one million inhabitants,
SpaceX to Reward Musk for Mars Colony With 1 Million People
SpaceX Chief Executive Officer Elon Musk can boost his overall compensation if the company succeeds in building colonies on Mars and data centers in space, according to a US Securities and Exchange Commission filing on Wednesday.
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