BOOM: TESLA approves $2.6 billion for Musk… Up to $55 billion over 10 years!

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Elon Musk could make more than $50 billion from pay plan shareholders approved…but he has a lot to deliver

  • Tesla shareholders approve a $2.6 billion stock option grant for Chairman and CEO Elon Musk.
  • The company will need to meet key milestones in order for Musk to vest the options.
  • The plan was supported by some institutional shareholders, but opposed by others, and by two major proxy advisory firms.

Tesla shareholders approve Musk compensation package from CNBC.

 

Tesla shareholders have approved by a wide margin a proposal to award Chairman and CEO Elon Musk a massive multibillion-dollar stock grant, a source at the meeting told CNBC.

Musk could earn more than $50 billion over the next several years if Tesla hits certain key milestones and stays on in his current role at the company he co-founded.

The source who reported the vote count declined to be identified. Official vote totals will be announced in a filing with the Securities and Exchange Commission later Wednesday.

The grant gives Musk $2.6 billion in stock options in 12 tranches that each vest as the company hits key performance milestones over 10 years.

Tesla shareholders approve pay plan for Elon Musk worth up to $55 billion over 10 years

Although nominally valued at $2.6 billion, Musk’s pay package could generate $55 billion or more for Musk if Tesla hits a series of aggressive financial goals.The pay plan approval comes weeks before the Palo Alto automaker reveals whether its troubled Model 3 electric-sedan program is getting back on track and before it announces first-quarter losses that some analysts say could reach $1 billion.

 

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