Mar 22, 2018 - 02:53 pm

Tesla investors approve multi-billion “compensation” for Musk

Tesla’s shareholders have approved of a multi-billion dollar compensation package for CEO Elon Musk as a part of his contract extension for the next decade. The motion passed with a large majority margin and could see the CEO walk away with $60BN potentially.

As was mentioned when the plans to extend Musk’s leadership were announced in January, the CEO will not be receiving a regular salary, but will receive shares based on performance and the achievement of specific milestones. If all goes as planned, Elon will receive up to 50 billion dollars, however there is a chance he could go home empty-handed.

Tesla itself has described the package as a motivational measure for Musk with the 12 deliverables set high. For example, Tesla wants to increase their market value in 50 billion dollar steps to no less than 650 billion dollars. At each step, Musk would receive 1.69 million shares of the company. If the market value proceeds indeed as planned, the collected shares would be worth about 50 billion dollars.

The recent investor meeting in Fremont saw the final vote on the contract, which was approved by the majority, although not entirely without fuss: two of the largest investors complained that the package was too large and unnecessary. Tesla itself has not commented on the meeting.

The Model 3 production also seems to be picking up with more than 4,500 new VINs registered by Tesla during March reportedly.

The vehicle was also finally first made available for configuration to customers outside of the USA, as Canadian customers received invitations now. The price in Canada has also been announced at 45,600 Canadian dollars, which is about 350 dollars more than in the USA.

teslarati.com, electrek.co, insideevs.com, electrek.co

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Found on electrive.com
https://www.electrive.com/2018/03/22/tesla-investors-musks-multi-billion-compensation-package/
22.03.2018 14:01