No Mars, no moolah: Musk's appraisal directly tied to settling 1 million people on Red Planet

Elon Musk has another reason to land humans on Mars - his own pay package. According to a Reuters report, the SpaceX Board members have approved a compensation plan that would only kick in if the company successfully achieves its aims linked to the Red Planet. SpaceX recently filed a confidential registration statement with the Securities and Exchange Commission, which states that Musk will get $200 million in super-voting restricted shares if the company hits two goals: a market value of $7.5 trillion and a colony of at least 1 million people on Mars. Besides the interplanetary goal, the statement also states that Musk would get additional incentives of $60.4 million in restricted shares if SpaceX is able to operate space-based data centres with at least 100 terawatts of processing power. However, Musk has admitted that colonising Mars will take at least 20 more years. He recently also pushed back on the timeline and even added Moon as the midpoint. So the Board has now attached his appraisal with his achievements in clear terms. Basically, no Mars, no perks.

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Musk and his plan to colonise Mars tied to his pay package

Musk has pushed his plan of sending people to Mars and setting up a human colony for several years now. He has said many times that humanity needs to find a new home and that Mars is the answer. He plans to send one million people to Mars by 2050. The SpaceX CEO put his staff to work, who are reportedly spending hours every day on the interplanetary plan. The company developed Starship to achieve this dream, which has been tested several times and is still undergoing improvements. He never emphasised the role of the Moon in the mission, saying that Starship can directly take humans to Mars. However, earlier this year, Musk said that SpaceX has shifted focus towards building "a self-growing city on the Moon." He argued that this can be done in the next 10 years, while a Mars landing will take at least 20 years.

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The compensation plan for Musk is likely an attempt to keep him committed to SpaceX’s long-term vision. Although the valuation targets lack a strict timeline, Musk would receive zero shares if the company fails to meet the outlined goals. His current worth is an estimated $773.9 billion, according to Forbes. This would multiply manifold if he can not only save humanity but also colonise Mars.