Bernie Sanders terms Elon Musk’s Tesla pay package ‘Insanity’, calls for Billionaire …

Earlier this year, Tesla shareholders approved a pay package of $1 trillion for Elon Musk tied to aggressive targets in market capitalization and operational performance. If achieved, the package could make Musk the world’s first trillionaire. Now, senator Bernie Sanders has joined the lists of critics who are criticising the hefty pay package of Musk. Sanders has sharply criticised Tesla CEO Elon Musk’s $1 trillion compensation package by calling it ‘insanity’ and is now once again asking for a billionaire tax.In a post shared on social media platform X (formerly known as Twitter) Sandaers compared Elon Musk’s 10-year pay deal to the combined salaries of millions of American workers which includes elementary school teachers, cashiers, restaurant cooks, farmworkers, and bartenders. “Insanity. Billionaire tax now,” he concluded. “Elon Musk’s ten-year $1 trillion pay package is worth more than the combined pay of:Every elementary school teacher in America.Every cashier in America.Every restaurant cook in America.Every farmworker in America.Every bartender in America.Insanity. Billionaire tax now,” wrote Sanders.Earlier also Sanders has argued that extreme executive pay highlights deepening inequality in the US. Previously also Sanders has described Musk’s pay package as ‘grossly immoral’ and an example of oligarchy, noting that while billionaires receive tax breaks, low-income families face cuts to food assistance programs.Musk's compensation package consists of 12 separate stock grants that he would receive only if Tesla achieves specific performance targets over 10 years. The requirements include:Tesla's board argued that rejecting the compensation package risked losing Musk to other business interests. The board positioned the deal as necessary to secure Musk’s commitment to Tesla's future as a leader in artificial intelligence (AI) and robotics.The vote proceeded despite opposition from major investors, including Norges Bank Investment Management, which manages Norway's sovereign wealth fund. Major proxy advisory firms also recommended voting against the plan.The approval gives Musk significant influence over the electric vehicle company and aims to prevent him from focusing attention on his other ventures, which include SpaceX, xAI, and Neuralink.