According to U.Today, Billy Markus, co-creator of Dogecoin, has voiced his support for Elon Musk in the ongoing debate over Musk's $56 billion compensation package from Tesla. Markus believes that Musk is entitled to this substantial sum for his role in elevating Tesla's profitability. He expressed his views on Twitter, stating that he couldn't comprehend any argument against Musk receiving the agreed-upon pay package from five years ago.
In 2018, Tesla shareholders agreed that Musk should receive a $56 billion compensation package if he could increase the company's market capitalization to at least $650 billion within a decade. More than five years into this agreement, Tesla's market value is already at $571.6 billion. Consequently, Tesla has asked its shareholders to reaffirm Musk's compensation package. However, Glass Lewis, a leading American proxy advisory services company, advised shareholders in May to reject this plan due to its size. Norges Bank Investment Management (NBIM), Tesla's eighth largest shareholder, has also expressed its intention to vote against the payout, citing the bonus as excessively large.
In late January, a Delaware judge nullified the decision to pay Musk $56 billion in the future. This week, Tesla shareholders will vote again on whether to approve this compensation package. In 2018, Musk agreed to work for Tesla without a salary or stock ownership, but he would receive $56 billion in 10 years if he significantly increased the company's market value.
Billy Markus is not alone in his support for Musk. Cathie Wood, a prominent figure in finance, has also sided with Musk, stating that he is entitled to the $56 billion from Tesla. Markus further argued that denying Musk the agreed-upon compensation could potentially tarnish the reputation of the shareholders involved, and they might be treated similarly in future dealings.