Summary by Futu AI
Catherine D. Wood of ARK ETF Trust has utilized social media to express support for Tesla, Inc.'s CEO Elon Musk and his unique compensation package. In a series of tweets dated June 6, 2024, Wood highlighted Musk's alignment with shareholder interests, noting his commitment to forgo salary, bonuses, and stock compensation for a decade unless he delivered significant value to Tesla shareholders. She pointed out that Musk has been working without compensation since 2018 and that shareholders will benefit from his leadership for at least another five years. Wood also defended the potential $56 billion value of Musk's pay package, which was initially valued at $2.3 billion in 2018, by comparing it to the advertising expenditures of competitors like GM and Ford. She emphasized the success of Musk's leadership in Tesla's growth and warned that reneging on his pay package, which was approved by 73% of shareholders in 2018, could result in the loss of one of the most innovative companies from the public equity market.