"Elon Musk won a shareholder vote on Thursday that would give the Tesla CEO stock worth $1 trillion if he hits certain performance targets over the next decade. The vote followed weeks of debate over his management record at the electric car maker and whether anyone deserved such unprecedented pay, drawing heated commentary from small investors to giant pension funds and even the pope. In the end, more than 75% of voters approved the plan as shareholders gathered in Austin, Texas, for their annual meeting."
"The vote is a resounding victory for Musk showing investors still have faith in him as Tesla struggles with plunging sales, market share and profits in no small part due to Musk himself. Car buyers fled the company this year as he has ventured into politics both in the U.S. and Europe, and trafficked in conspiracy theories. The vote came just three days after a report from Europe showing Tesla car sales plunged again last month, including a 50% collapse in Germany."
Shareholders approved a compensation package that could award Elon Musk up to $1 trillion in Tesla stock if he meets ambitious performance and operational targets over the next decade. More than 75% of votes supported the plan at the company’s annual meeting in Austin, Texas. The package requires a near sixfold increase in company market value and delivery of 20 million Tesla electric vehicles over ten years, more than double the total since the company’s founding. The approval came amid plunging sales, shrinking market share and criticism tied to Musk’s political activity and controversial statements.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]