Billionaire Elon Musk set a series of aggressive growth targets at Tesla Inc. that would make the electric carmaker one of the world's most valuable companies within the next decade, and assured shareholders he'll stick around by tying his compensation to those goals.
The unprecedented pay package proposes Musk won't get paid unless his company's stock rises, further tying the 46-year-old chief executive officer's personal wealth to that of shareholders. It envisions a staggering increase in market value to USD 650 billion that would put Tesla in the league of tech giants like Google parent Alphabet Inc. and Microsoft Corp., now more than 10 times its size. Revenue would expand to USD 175 billion, ahead of General Motors Co.
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