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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...
Since he's such a valuable asset, as a precaution he's not allowed to drive with Autopilot.
Tesla is more than just cars, and yes BMW is too, but Tesla is where it counts in the technological-sense. So investors are confident their investment will yield exponential returns from some new tech we havent seen or current/old tech we haven't seen utilized in a new way
When each and everyone of your senators and congress people is basically a lobbyist for the corporations he has "strong ties" to (and came from, before) (and gets hired at, after) (and meets with all the time, to discuss plans) ... but the same thing doesn't happen to whatever groups we consider ourselves part of (Like the group of people who give a shit about human rights, or anything besides profit for profit's sake.) ... then there is no such thing as a US government in any sense that you and I mean.
I'm not saying that corporations, like any organization, can't represent their interests. I'm saying that that they have taken away our right to represent our interests. (Aaand cue me promptly getting downmodded into oblivion, for siding with those that do said modding.)
But yeah, if you want to, you can call a corporate (or whatever) oligarchy a "government" ... and call a dictatorship a "government" too. And I would disagree, on the grounds, that joint-venture of human stockman is a much more appropriate term.
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.
No, he's not. It's a perfectly consistent position to believe that government subsidies for established fossil fuel companies are hurting the society and the environment, therefore lobby against them, but simultaneously use the subsidies available *to you* to build up a competitor that would obsolete said fossil fuel companies. Either one of those or both could do the trick, it's just hedging your bets.
Ezekiel 23:20
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.
I wonder how motivational it is at that stage anyway, if he's already got $16B he could eat three star Michelin dinners and ride limos and private jets to five star resorts the rest of his life without making a dent in it. It's a bit like trying to give criminals fourteen consecutive life sentences and pretending it's more than one.
Live today, because you never know what tomorrow brings
Elon wants to retire to a home on Mars. Real estate is cheap there, but moving costs are going to be astronomical.
I guess Musk will have to wait to move to Mars until 2028
NO reason headquarters can't be on Mars. Maybe he'll be the first to use the based on Mars tax avoidance loophole!
"For every expert, there is an equal and opposite expert"
Better than some executive pay packages where the company is downsized/destroyed then sold off for scrap while the CEO collects nearly $200 million in bonuses. Marissa Mayer, I'm talking to you.
Organization? You must be joking..