Pope Leo Calls Out Extreme CEO Pay, Cites Elon Musk as Example

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00:00Pope Leo calls out extreme CEO pay, cites Elon Musk as example.

00:06Elon Musk is set to become the world's first trillionaire, further widening the massive

00:10pay gap between the rich and the rest.

00:13In his first media interview, Pope Leo criticized the excessive pay packages of figures like

00:17Musk, calling the continuously wider gap between the income levels of the working class and

00:22the money that the wealthiest receive a key cause of global polarization.

00:29In a recent interview with Crux's Elise Ann Allen, Pope Leo noted that 60 years ago,

00:35CEOs earned four to six times more than workers.

00:38Now it's closer to 600 times.

00:40He added, yesterday, there was the news that Elon Musk is going to be the first trillionaire

00:45in the world.

00:46What does that mean, and what's that about?

00:48If that is the only thing that has value anymore, then we're in big trouble.

00:53This follows Tesla's board announcement that if Musk meets company targets, he'll receive

00:57a trillion-dollar payment.

00:59To get this, he must raise Tesla's value from $1 trillion to $8.5 trillion in 10 years.

01:05Pope Leo, elected in May, recently turned 70.

01:09During midday prayers from St. Peter's balcony, people held birthday signs as a band played.

01:14He thanked all those who have remembered me in their prayers.

01:21Adam Sarhan, CEO of 50 Park Investments, said Tesla's incentive package for Musk sets a new

01:26CEO pay standard.

01:27Tesla's board says it's needed to keep Musk motivated, but critics argue he already has

01:33enough incentive as the largest shareholder.

01:35Brian Quinn from Boston College Law School called it excessive and said Tesla's stock relies

01:40on market vibes.

01:42Musk won't get cash bonuses or salary.

01:44Pay is tied to performance.

01:46Focusing on robotics, which Musk says could be most of the company's value.

01:51Pope Leo has also criticized Trump's policies.