Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk reveals how he spent his early years in Canada with limited funds amid criticism for the CEO's trillion-dollar pay package.
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Arrived In Montreal With $2500
Responding to criticism of his pay package and his fortune, Musk described his experiences as a 17-year-old arriving in Canada in a post on X on Sunday. "When I arrived in Montreal at age 17, I only had three things," Musk said. "$2500, one bag of clothes and one bag of books."
It's worth noting that when adjusted for inflation, Musk's $2,500 in 1988, when he was 17, would be worth approximately $6,800 in 2025 at the average inflation rate of around 2.7% from 1988 to 2025 in the U.S.
According to multiple users on Reddit, an average college student cooking their own food and renting a single room in Montreal can live on around CAD$2,200 (approximately $1570) in the city in 2025, provided they spend their money wisely, much lower than the $2500 Musk had in 1988.
Elon Musk Admits Achieving Pay Package Targets Is A Tall Order
The comments come as Musk recently admitted that the targets laid out in the trillion-dollar pay package could be difficult to achieve. "It is a tall order," Musk said, adding that "There will inevitably be some bumps along the way." However, the CEO reiterated that the goals "can be accomplished" through hard work.
Elon Musk's Pay Package Is Oligarchy, Says Bernie Sanders
The news comes as Sen. Bernie Sanders (I-VT) described Musk's pay package as an "oligarchy" following its approval by Tesla shareholders. He added that the Trump administration also gave Musk "a huge tax break." On the other hand, Sanders said that the administration appeals court decision to provide SNAP benefits to average Americans.
Sanders also criticized the tech industry's push towards AI and Robotics, accusing "billionaires" of investing large amounts of money into the sectors so that they could replace average workers.
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