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Tesla is rallying ahead of a shareholder vote on Elon Musk's compensation
24 March 2018, 02:16 | Clyde Nash
Pic Getty Images
Institutional Shareholder Services and Glass Lewis both peg the current value of Musk's package at $3.7 billion.
In late 2016, Elon Musk promised that a Tesla vehicle equipped with the company's Autopilot feature would soon be able to drive itself all the way from California to NY. The Transportation Ministry did not respond to requests for a comment on the matter.
(1) Tesla's Production vs. Tesla's Targets, Bloomberg.
Ultimately, Musk could earn up to US$55.8 billion in stock and awards, if Tesla's market cap reaches US$650 billion.
But Tesla has routinely missed production and sales targets, and is now struggling to meet goals for its mass-market Model 3 vehicle.
Tesla has been struggling to manufacture its Model 3 sedan - for which it holds about 500,000 advance reservations - and has repeatedly pushed back production timelines.
"We believe as a board and executive team that we can actually achieve these milestones", said board member Antonio Gracias. "We always hit our goals eventually".
A year later, the automaker had over 18,000 employees worldwide before adding 700 engineers and technicians in Germany and China with the acquisition of Grohmann Engineering and over 12,000 employees in the United States and 300 in Mexico, Canada and China with the acquisition of SolarCity. Supporters have argued it will help keep Musk focused on the company at a time when he is also increasingly involved in SpaceX, his space exploration company, and other ventures. He also recently started The Boring Co., a tunnel-building firm.
The compensation plan doesn't require Musk to stay on as Tesla CEO throughout the length of it, though the only other roles he's allowed to take are executive chairman or chief product officer.
At the time of the 2012 award, Tesla had a market value of about $3.2 billion and then targeted a market value of $43.2 billion, pointing to the then much larger market valuations of rivals Ford Motor Co. and General Motors Co.
Musk and his brother Kimbal recused themselves from the vote.
Tesla's general counsel, Todd Maron, indicated at the meeting that Musk's pay was strongly supported by investors, a person who attended the meeting told Reuters. "It's so bad, you can't believe it", said the man who harbors has got plans soon to be hatched for creating habitable colonies on distant planets. That puts Musk's "stepwise goals that assume constant acceleration" at risk of not being met, Saxton said.
In the end, "Musk basically saved his own equity investment by having Teslabuy him out which I just think is abhorrent", said Chanos. "He'll come as close to winning as he can". It seems Elon Musk doesn't need much personal incentive to strive for great heights with Tesla, and the fundamental mission of the company - to hasten the transition to a sustainable energy economy.
Stockholders of the electric vehicle and solar panel maker voted on the all-or-nothing package Wednesday in California, where the company is based.
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