Musk Is Fighting Tooth and Nail for His $56B Pay Package
A Delaware judge nullified Elon Musk’s whopping $56 billion pay package at Tesla in January, writing that the board had improperly granted him an “unfathomable sum” of money. But Musk still wants that cash. Now he is hoping Tesla shareholders will sign off on the payday, even as the company suffers from a sagging stock price.
The pay package, enacted in 2018, granted Musk 12 percent of the company’s stock over 12 separate vesting tranches. The first tranche executed when the company hit a market value of $100 billion, while the last kicked in at $650 billion. Other revenue and profitability milestones were included in the calculations as well.
Tesla is currently worth $490 million; its stock has fallen close to 40 percent over the past six months.