An astonishing recent lithium find could be set to skyrocket Elon Musk’s $1 trillion pay package.
The new discovery in western Spain has uncovered thick zones of lithium and rubidium.
The drill took place near Fuentes de Oñoro, located near the Portuguese border, where workers found rare Earth minerals and precious metals.
According to a report by earth.com, Robert Behets, who is the lead researcher overseeing the work and the acting managing director at Berkeley Energia Limited, said: “The results of the drilling program at Conchas are very encouraging as they have confirmed the presence of shallow, thick zones of lithium and rubidium mineralisation at the project.”
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What is lithium and why is it so important?
Lithium is a soft, silvery-white metal and is a chemical element used in batteries to power everything from laptops to smartphones, and is also used as a mood-stabilizing medication for bipolar disorder.
With the world turning towards electric vehicles, lithium could become an increasingly important and sought-after material.
How will Elon Musk and Tesla benefit from the lithium discovery?
The world’s richest man is looking set to get a major pay day soon as Tesla’s shareholders voted in favor of Musk receiving a new $1 trillion pay package.
While Musk does not receive a salary from the EV manufacturing company, the pay package will mean that the tech mogul will get paid in the form of an additional 423.7 million Tesla shares over the next 10 years.
The catch is that the firm will need to reach the $8.5 trillion market cap in order for Musk to receive the full amount.
So, the discovery of new lithium could be great news for Tesla - and Musk’s bank balance - as lithium batteries are used in the production of Tesla cars.
And the future of cars isn’t the only thing on Musk’s radar as the billionaire is set to release a fleet of humanoid robots, known as Tesla bots.
Speaking to shareholders about the bots, he said: “I think it’s going to be the biggest product of all time by far, so like bigger than cell phones, bigger than anything. I guess a way to think about it is that every human on Earth is going to want to have their own personal R2D2 or C3PO.”
Having first been unveiled last year at the firm’s ‘We, Robot’ event, Musk spoke about the bot’s capabilities, explaining: “What can it do? It can be a teacher, babysit your kids, it can walk your dog, mow your lawn, get the groceries, just be your friend, serve drinks. Whatever you can think of, it will do.
“I think this will be the biggest product ever, of any kind. I think everyone is going to want their Optimus buddy, maybe two.”