Dogecoin Founder Reveals How Elon Musk's Wealth Could Surge by Billions

Dogecoin Co-creator Defends Elon Musk's Compensation Package

Cover image courtesy of U.Today

Billy Markus, known as Shibetoshi Nakamoto on Twitter and the co-creator of Dogecoin, has expressed his opinion on the controversy surrounding Elon Musk's Tesla compensation package.

Markus aligned himself with Musk, asserting that the tech pioneer should receive the agreed-upon compensation of $56 billion for guiding Tesla to its current profitability.

"I honestly don't understand any argument for Elon not to get the pay package that was agreed to 5 years ago, unless the same people making those arguments think no one should honor any deal made with them for the rest of their lives also," Markus tweeted on June 11, 2024.

Elon Musk's $56 Billion Compensation: A Contentious Issue

Following recent statements by several prominent figures, Markus tweeted that Musk should be permitted to receive the $56 billion compensation package approved by Tesla shareholders in 2018, contingent on Musk increasing the company's market capitalization to a minimum of $650 billion within 10 years.

Five years later, Tesla's market valuation has reached $571.6 billion. In light of this, Tesla has requested that its shareholders reaffirm Musk's compensation package.

However, Glass Lewis, an influential American proxy advisory firm, urged Tesla shareholders in May to vote against the CEO's compensation plan, citing its excessive size. The eighth-largest shareholder, Norges Bank Investment Management (NBIM), announced its intention to vote against the payout, stating that while Musk's leadership has generated substantial value for Tesla, the bonus is excessive.

In late January, a Delaware judge annulled the previous decision to award Musk $56 billion in the future. This week, Tesla shareholders will once again vote to approve or reject the compensation package. In 2018, Musk pledged to work for Tesla without salary or stock transfers but agreed to receive $56 billion in 10 years if the company's market value increased significantly.

Support from Markus and Cathie Wood

Markus, along with notable figures in the financial world like Cathie Wood, have expressed their support for Musk, stating that he is entitled to the $56 billion from Tesla in the future.

Markus tweeted that Musk should receive the payment as it was an official agreement voted on by Tesla shareholders. The DOGE co-founder emphasized that the reputation of these shareholders could be damaged in the future, and they may face similar resistance from other parties as they are currently demonstrating with Musk.