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Elon Musk To Stay At Tesla For Another Decade (arstechnica.com)
Thelasko writes: "On Tuesday, Tesla's board announced that it had convinced Musk to stay at the helm for another decade with a truly gargantuan performance-based pay package," reports Ars Technica. The pay package is in a series of 12 milestones based on market capitalization.
[The report notes the possibility that Musk could get nothing for a decade's work as Tesla's CEO if the company's stock never rises above $100 billion. However, Musk will get awarded with $1 billion -- 1 percent of the company's stock -- if the stock reaches a value of $100 billion and the company either achieves revenues of $20 billion or earnings of $1.5 billion.] "If the stock rises to $150 billion (and Musk reaches another revenue or profit target), Musk gets another 1 percent of the stock, which will be worth $1.5 billion," reports Ars. "That pattern continues in $50 billion increments until Tesla's stock rises above $650 billion -- at which point Musk will get a stock award worth $6.5 billion. Musk's stock awards will total $45 billion if he hits all 12 milestones."
I guess Musk will have to wait to move to Mars until 2028...
[The report notes the possibility that Musk could get nothing for a decade's work as Tesla's CEO if the company's stock never rises above $100 billion. However, Musk will get awarded with $1 billion -- 1 percent of the company's stock -- if the stock reaches a value of $100 billion and the company either achieves revenues of $20 billion or earnings of $1.5 billion.] "If the stock rises to $150 billion (and Musk reaches another revenue or profit target), Musk gets another 1 percent of the stock, which will be worth $1.5 billion," reports Ars. "That pattern continues in $50 billion increments until Tesla's stock rises above $650 billion -- at which point Musk will get a stock award worth $6.5 billion. Musk's stock awards will total $45 billion if he hits all 12 milestones."
I guess Musk will have to wait to move to Mars until 2028...
actually he lobbies against government subsidies ... unlike the oil industry, which receives 8 billion a year in government subsidies. (fucking conservative hypocrites)
i could live a little longer in this prison
Exactly. Not only that, he doesn't get anything unless he hits goals that are outlandish.
Of course, what isn't said here is that this portion of his pay is just token pocket change.
His true pay is the increase in value of his 27% stake in the company. Tesla's market cap today is $59.29B. So, Musk's portion of that is about $16B. If the market cap hits $100B, his 27% will be $11B more valuable. A $1B award on top of that $11B gain hardly even qualifies as icing on the cake.