Tesla shareholders vote on Elon Musk's ambitious pay package

22 March, 2018, 01:15 | Author: Elaine Woods
  • Tesla shareholders approve Elon Musk's $2.6-billion performance award

Investors holding a majority of the shares that were voted at Wednesday's special meeting in Fremont, California, supported the performance award, according to a person familiar who asked not to be identified. Final totals are expected later Wednesday in a filing with the U.S. Securities and Exchange Commission.

The proposal granted Musk $2.6B in stock options over 12 tranches in 10 years, tied to performance milestones that plan supporter say will create alignment with shareholders.

Tesla will have to increase revenue from $20 billion and eventually hit $175 billion, with adjusted earnings increasing over time from $1.5 billion to $14 billion.

Musk would get the maximum payout only if he manages to deliver on Tesla's eye-popping growth projections and drive Tesla's market value to $650 billion - just short of the current value of Microsoft, the second-most-valuable company next to Apple.

The vote passed despite strong opposition from two proxy advisory firms: Institutional Shareholder Services and Glass Lewis.

Tesla's current market cap is roughly $53.6 billion. The plan also doesn't offer any indication as to when Tesla will have its first-ever profitable fiscal year.

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At least two large shareholders and Tesla's board supported the plan, saying it's necessary to keep Musk in the fold and reach the goal of switching the world from burning oil for transportation to sustainable electric vehicles. Tesla stock was up 3.5%, near 321.50, during afternoon trading on the stock market today. "It's very important to think about the specifics of Tesla and what we have already achieved".

Is Elon Musk worth a US$2.6 billion compensation package?

Tech expert Lance Ulanoff explains why Elon Musk needs to sell Tesla to a bigger auto manufacturer, unless he can start churning out the electric vehicles at a higher volume. As a result, the award indicates that Musk has other ideas for the company, including transforming energy storage through utility-grade applications and the kinds of future-of-mobility plans outlined in his Master Plan, Part Deux.

The firm is now valued at about $52.46 billion. The company now is trying to raise production to meet demand of its Model 3, a mass-market electric auto that starts at $35,000. He could realize gains from those only if Tesla met certain product development milestones and drastically increased its market value, and it has: Tesla celebrated delivery of its 250,000th auto in the third quarter.

Musk "said that he appreciates what we are doing here".


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