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Elon Musk has confirmed that Shareholders have overwhelmingly voted in favour for his record 2018 compensation package.
Tesla Shareholders have again voted to approve the compensation plan after a Delaware judge ruled the compensation package was not entirely valid in 2023.
The judge found that the process leading to its approval was flawed and that the potential payout was excessive and not in the best interests of Tesla shareholders. This ruling stemmed from a shareholder lawsuit filed in 2018 that challenged the package’s terms and the board’s decision-making process.
Musk’s compensation package included an all-or nothing plan that required Tesla to achieve specific milestones.
These milestones were tied to Tesla’s market capitalization and operational growth. If all milestones were met, the package is worth billions of dollars for Musk who took enormous risk with the plan.
The key points of the package were:
Stock options: The entire package consisted of stock options, which would vest in tranches as Tesla reached predetermined milestones.
Market capitalization milestones: Tesla’s market capitalization needed to increase in stages, starting at $100 billion and eventually reaching $650 billion.
Operational milestones: In addition to market capitalization, Tesla also had to achieve specific operational targets, such as revenue and profitability goals.
The total value of the options is estimated at around US$56 Billion.
Tomorrow is Tesla’s latest Shareholder meeting which is now likely to be a celebration of the outcome, as it puts to bed any doubt that Elon would leave the company (at least in the short term).
Both Tesla shareholder resolutions are currently passing by wide margins! Thanks for your support!!
Musk’s post shows an orange line that is the amount that is required for a positive outcome on the vote. We see the blue line indicating votes in favour of the deal has skyrocketed in the past few days. The grey line against the deal is seeing a bit of growth, but the decision will be confirmed in the positive.
Also shared in the vote was another question Shareholders were asked to vote on, a relocation of the company’s location of incorporation. This is also passing and Tesla will move from Delaware to Texas. This also acts as a defense against further action from Delaware judges.
Tesla moved it’s headquarters to Texas in 2021.
Asked to make Tesla the most valuable company on Earth.. His response was yes. Given the future opportunities of strong revenue from Tesla’s FSD and Optimus humanoid robot, the company needs to execute well in the next decade, but looks like that’s going to continue to involve Elon.
Jason Cartwrighthttps://techau.com.au/author/jason/
Creator of techAU, Jason has spent the dozen+ years covering technology in Australia and around the world. Bringing a background in multimedia and passion for technology to the job, Cartwright delivers detailed product reviews, event coverage and industry news on a daily basis.
Disclaimer: Tesla Shareholder from 20/01/2021
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