Elon Musk is the richest person in the world, but this more than 300-day streak is under threat as Larry Ellison, the 81-year-old chairman and chief technology officer of Oracle, closes in. Ellison’s wealth has risen due to the increasing demand for AI tools and the tech sector’s search for capacity, adding $70 billion to his net worth in the latest quarterly results.
Oracle has had a remarkable year, with shares going up 45 percent year-to-date, according to Bloomberg. Ellison’s net worth has reached $364 billion, narrowing the gap with Musk’s $384 billion.
Meanwhile, Musk’s net worth, closely linked to Tesla’s performance, has fallen 14 percent this year, due to his controversial political ventures and a high-profile exit from politics.
Tesla Offers Elon Musk Record $1 Trillion Pay Package
Tesla has proposed an unprecedented pay package for Musk, potentially worth around $1 trillion, which is the largest corporate payout in history.
The package would give Musk an additional 423.7 million shares in Tesla stock if the company raises its market valuation from $1 trillion to $8.5 trillion over the next decade, effectively surpassing Nvidia to become the world’s most valuable company.
A key condition of the plan is that Musk’s involvement in “the political sphere would wind down in a timely manner.”
Also Read: Is Elon Musk On Path of Becoming the World’s First Trillionaire?
Why Is Tesla Offering Elon Musk $1 Trillion Pay Package?
This follows his controversial association with President Donald Trump and far-right politics, which contributed to Tesla’s share price decline, slumping market share in Europe, and Musk being voted the most unpopular man in America.
Tesla chairwoman Robyn Denholm told CNBC that the package was intended to keep Musk “motivated and focused on delivering for the company.”
“We believe that Elon’s singular vision is vital to navigating this critical inflection point,” she wrote in a letter to shareholders.
“Simply put, retaining and incentivising Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history.”
Also Read: What Is Tesla’s Pay Package Controversy That Could Make Elon Musk The World’s First Trillionaire?
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
