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January,16,,2025,-,Washington,Dc:,The,Senate,Finance,Committee<\/p>\n January,16,,2025,-,Washington,Dc:,The,Senate,Finance,Committee<\/p>\n
Treasury Secretary Scott Bessent praised his former colleague,\u00a0Tesla Inc.\u00a0(NASDAQ:TSLA<\/a>) CEO\u00a0Elon Musk, while weighing in on his controversial $1 trillion compensation<\/a> package.<\/p>\n TSLA is encountering selling pressure. Check out the latest moves here<\/a>.<\/p>\n Dismisses Rumors of Altercations With Musk<\/p>\n When asked about his rumored past altercation<\/a> with Musk during his appearance on CNBC\u2019s \u201cSquawk Box\u201d on Tuesday, Bessent quipped that it \u201ccan\u2019t be true because he didn\u2019t have a collar.\u201d <\/p>\n He went on to dismiss the incident as \u201cold news,\u201d while adding that both he and Musk were \u201cvery passionate about what needed to be done with government.\u201d<\/p>\n See Also: Elon Musk Says Bill Gates Is \u2018Not Strong\u2019 In Science, Recalling Visit To Tesla Factory Where He Dismissed Long-Range Semitrucks As \u2018Impossible\u2019<\/a><\/p>\n \u201cHe did a fantastic job in setting a trajectory for downsizing government, which we’ve continued,\u201d Bessent said. \u201cSpending is down over the past two quarters. We’re going to keep it down.\u201d<\/p>\n Musk\u2019s Pay Decisions For \u2018Shareholders To Decide\u2019<\/p>\n Speaking on Musk\u2019s pay package that is set for a vote this week, Bessent said, \u201cI think it’s great that Elon’s back in the private sector,\u201d adding that \u201cHe’s [Musk] one of the great entrepreneurs\u201d of our generation, but said that this matter was \u201cup for the shareholders to decide.\u201d<\/p>\n He, however, emphasized Musk’s track record of innovation across industries, saying, \u201cThe amount of value that he’s created for his investors and for his shareholders is phenomenal. And it’s across a range of industries.\u201d<\/p>\n Tesla\u2019s $1 Trillion Pay Package<\/p>\n Musk’s compensation plan is up for a shareholder vote on Thursday at Tesla’s annual meeting, with nearly $1 trillion in stock awards on the line, contingent on the company hitting aggressive performance targets<\/a>, leading up to a market cap of $8.5 trillion.<\/p>\n Besides this, Tesla, under Musk\u2019s leadership, is expected to hit targets such as selling 20 million cars a year, rolling out 1 million robotaxis, and deploying 1 million Optimus humanoid robots. <\/p>\n Tesla shares were down 5.15% on Tuesday, closing at $444.26, and are up 0.74% overnight. The stock scores high on Momentum and Quality, with a favorable price trend in the short, medium and long terms. Click here<\/a> for deeper insights into the stock, its peers and competitors.<\/p>\n
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