With the direction Tesla has been headed, mostly thanks to the Model 3 setbacks it has experienced over the last year, there has been a mad rush by many to throw their two cents in on how they feel Tesla needs to shape up or find itself bankrupt. Although it is true that they have made a few wrong choices, possibly a few mistakes, it doesn’t mean they are going to go away any time soon. Other car manufacturers have done far worse and yet here they are, alive and kicking. To make it even sweeter, Tesla is ran by a philanthropist that will never back down and give up over a few “the world is ending” threats by certain media and competition. He dreams big and gambles big to make those dreams a reality.
Now he just made another move to prove just that, by redirecting his own profits back into the company by not taking any pay from Tesla for the next 10 years, just to make sure it has enough to survive and move on. It was announced through Tesla earlier today that they will not be providing any form of salary to Musk during these 10 years unless the company can turn a profit (a big one). Of course, this is nothing new for Musk since he hasn’t been taking annual pay from the company to begin with. This just simply continues to show how determined he is to push forward and succeed (and how much faith he has in this company).
With the new announcement, Tesla would have to nearly double in value before he (Musk) could (if he ever decides to) begin accepting any kind of income from the company. Currently the company is worth around $60 billion making it one of the top 6 most valuable automotive companies out there–and hot on the heels of BMW, which it will likely step in front of if their semi trucks can meet demand, and if they can put an end to any Model 3 production troubles.
Elon Musk doesn’t need the profit anyway due to how much he is already worth. In the meantime, he could start a number of other companies and boost his worth all the more through those other means. For now, Tesla will not be one of them, but if it does indeed expand and become one of the giants of the automobile industry, he will more than likely become one of the most valuable people in the world.