The Tesla boss got his way: shareholders awarded Elon Musk $1 trillion in compensation. Riding the wave of this controversial decision, clever minds created dubious memecoins, which saw significant volumes before crashing.
Elon Musk and the $1 trillion “package”
The shareholders’ decision has been the subject of heated debate in recent weeks. Did Elon Musk, the hegemonic boss of Tesla, SpaceX, and X, deserve a $1 trillion compensation package? Yes, according to Tesla shareholders, who voted 75% in favor yesterday.
As a result, Elon Musk could receive up to 12% of Tesla’s current additional capital. Last September, after acquiring 2.57 million shares, he held more than 413 million shares in a trust (approximately 12.4% of the capital).
The decision could make Elon Musk the first “trillionaire” in the coming years, in other words, the first person to exceed $1 trillion in assets. He is already the richest man in the world, with an estimated fortune of $461 billion at present.
According to data aggregated by the website spendelonmusk.money, the billionaire was earning $236,815 per minute last August, or $14 million per hour. An insane fortune, which has just been increased even further.
Dubious memecoins ride the wave
The news led to a wave of token creation linked to Elon Musk’s compensation. Tokens such as “TRILLIONS,” “MUSK,” and “Elon’s $1” appeared on decentralized exchange (DEX) platforms.
And the volumes were sometimes significant. For TRILLIONS, the volume exceeded $17 million. The token’s price reached $0.0005 a few hours after its creation… Before collapsing sharply, losing 57% in a matter of minutes:
It has become a habit in the crypto ecosystem: when Elon Musk is involved in a news story, tokens are created one after another… Only to disappear just as quickly. Yet these pump and dumps continue to attract investors.
Caution with these memecoins
Needless to say, investing in these cryptocurrencies is highly risky, and it is almost impossible to make a profit by trying to follow the latest dubious memecoins of this type.
If you need convincing, check out CoinGecko’s list of Elon Musk-inspired memecoins. Created over the years, these cryptocurrencies have lost an average of 1.3% since yesterday. All the more reason to remain cautious when enthusiasm for the world’s richest man is running high.
