In his first media interview, Pope Leo XIV criticized the exorbitant compensation packages of corporate executives, particularly singling out Elon Musk‘s $1 trillion pay plan.
Pope Warns Of Income Inequality, Highlights Musk's Pay
The Pope, who hails from Chicago, expressed his concerns about the widening income gap between the working class and the wealthy. He highlighted the recent $1 trillion compensation plan for Tesla‘s (NASDAQ:TSLA) CEO, Elon Musk, as an example of this disparity. The interview was published by Crux for an upcoming biography by Senior Correspondent Elise Ann Allen, on Sunday on the occasion of Pope Leo’s 70th birthday.
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“Yesterday the news that Elon Musk is going to be the first trillionaire in the world. What does that mean and what's that about?” Pope Leo said in the interview.
Pope Leo linked wealth disparity, citing Musk’s pay package, as a key cause of growing polarization in society and the Catholic Church.
“CEOs that 60 years ago might have been making four to six times more than what the workers are receiving … 600 times more (now),” Leo said in the interview. Pope says that, on top of that, a couple of other factors should be added, one of which he thinks is very significant: the continuously widening gap between the income levels of the working class and the money that the wealthiest receive.
He further questioned the societal implications of such a system, stating, “If that is the only thing that has value anymore, then we’re in big trouble.”
Bernie Sanders Slams Musk's Pay; Denholm, Jonas Defend It
Musk’s $1 trillion pay package has been a topic of debate. It drew criticism from Senator Bernie Sanders, who termed the package as “grossly immoral” and “insane economics” in a post on social media.
On the other hand, Tesla Board Chair Robyn Denholm defended the package, stating that it motivates unique performance and is about “doing things that no one else has done before.” Earlier this month, Morgan Stanley investor Adam Jonas lauded the package as a “good deal” for Tesla investors. Jonas stated that adding that while $1 trillion was a big number, it pales in comparison to the size of the “market opportunity.”
Elon Musk continues to be the richest man in the world, but he was briefly dethroned by Larry Ellison, co-founder and chief technology officer of Oracle Corp. (NASDAQ:ORCL) after the company’s spectacular earnings last week.
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