In 2018, when the company’s market capitalization was about $45 billion, Tesla shareholders approved a new compensation package for Elon Musk. By any measure, the package was extraordinary. It came in 12 tranches, each equal to 1 percent of the company’s outstanding common stock. To receive his payments, Musk had to boost Tesla’s market cap by $50 billion for each installment—more than the market capitalization of General Motors at the time. Thus, to earn all 12 tranches, Musk, who already owned about 22 percent of the company’s shares, needed to grow Tesla’s value from $45 billion to $645 billion. If he did that, he would receive stock in the company worth about $56 billion—the largest potential compensation package in American history, but less than 10 percent of the potential $600 billion gain to shareholders. READ MORE