The Tesla CEO got his way: shareholders approved a $1,000 billion compensation package for Elon Musk. Capitalizing on this controversial decision, some shrewd individuals created dubious memecoins, which saw significant trading volumes before plummeting.
Elon Musk and the $1,000 billion “comp package”
The shareholders’ decision has been the subject of heated debate in recent weeks. Did Elon Musk, the dominant CEO of Tesla, SpaceX, and X, deserve a $1,000 billion compensation “package”? Yes, according to Tesla shareholders, who voted in favor yesterday with 75% approval.
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 held 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 surpass the $1,000 billion mark in assets. He is already the richest person in the world, with a fortune currently estimated at $461 billion.
According to data aggregated by the website spendelonmusk.money, the billionaire was earning $236,815 per minute last August—or $14 million per hour. A mind-boggling fortune that has just grown even larger.
Dubious memecoins are riding the wave
The news has led to a wave of token creations linked to Elon Musk’s compensation. Tokens such as “TRILLIONS,” “MUSK,” and “Elon’s 1$” have appeared on decentralized exchanges (DEXs).
And trading volumes have at times been significant. For TRILLIONS, for example, volume exceeded $17 million. The token’s price hit $0.0005 a few hours after its creation… before crashing sharply, losing 57% in just a few minutes:
The price of TRILLIONS follows a typical pump-and-dump trajectory
It’s become a common occurrence in the crypto ecosystem: whenever news involving Elon Musk breaks, new tokens pop up one after another… only to disappear just as quickly. Yet these pump-and-dump schemes continue to attract investors.
Caution is advised with these memecoins
Needless to say, investing in these cryptocurrencies is highly risky, and it’s nearly impossible to turn a profit by trying to keep up with the latest dubious memecoins of this type.
If you need further proof, check out the list of Elon Musk-inspired memecoins compiled by CoinGecko. Created over the years, these cryptocurrencies have lost an average of 1.3% since yesterday. Yet another reason to remain cautious when enthusiasm for the world’s richest man is running high.
