Musk's Tesla Pay Package Wins Shareholder Approval
Musk's Tesla Pay Package Wins Shareholder Approval
CelebritiesGaming Tesla and SpaceX Founder Elon Musk Plays Overwatch
By Jose"AWPerative Alvarez
24 March, 2018, 14:19
So basically from home in LA to Times Square in NY.
"Even when annualized, Musk's pay opportunity would dwarf that of almost every CEO at the largest and most profitable public companies". The award contains a number of audacious goals and no detailed plan of how to get there, including when the manufacturer will turn its first-ever annual profit.
Tesla shareholders have approved a huge pay deal for its chief executive, Elon Musk, worth an estimated $2.6bn (£1.85bn).
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Bloomberg has the news on the decision from Tesla shareholders.
The firm also said that Musk can earn a lot of money under the plan even if Tesla does not achieve sustained profitability.
Finally, the grant is created to push Tesla toward fulfilling the vision Musk laid out in his "Master Plan", where he outlined a future for Tesla as a fully integrated sustainable energy company and mass-market electric automaker.
Mr. Musk, Tesla's largest shareholder whose fortune Forbes estimates at some $20 billion, is also CEO and lead designer of Space Exploration Technologies Corp., or SpaceX as the developer and manufacturer of space launch vehicles is known, and is also involved in other emerging technology ventures. The new grant outlines an aspiration of making Tesla one of the world's biggest companies but without any clues about how the company will get there.
Under the 10-year performance-based plan, Musk will receive no guaranteed compensation of any kind-no salary, no cash bonuses and no equity that vests with time alone. The package, however, is tied to Tesla's market value rising to as much as $650 billion over the next 10 years.
Large shareholders including Baillie Gifford & Co. and T. Rowe Price Group Inc. signaled ahead of the vote that they would probably support the package.
Officials at Cortica could not immediately be reached for comment. Fidelity, which holds nearly 10 percent of Tesla stock, declined to comment.
A pair of large institutional investors reportedly opposed the pay plan due to its size and questions as to whether it would actually motivate Musk.
Large stock awards can be costly for investors in two ways: They increase a company's expenses and they dilute the stakes of existing shareholders.
It is believed to be the biggest share-based pay deal in U.S. corporate history.
Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management in Santa Monica, California, which holds Tesla shares, said he voted yes. "We believe the final plan is well aligned with shareholders' long-term interests", the company said in a statement.
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