"But I'm not the CEO of companies that revolutionized electric vehicles and made rockets reusable. Apparently, those guys need a little more incentive to stay motivated to do their job. Welcome to the Friday edition of Critical Materials, your daily roundup of news and events shaping the world of electric cars and tech. Also on deck today: Rivian is cutting hundreds of jobs ahead of its R2 launch, and ICE agents just raided Hyundai's EV plant in Georgia alleging unlawful employment."
"Last year, Musk pushed for a $100-plus billion pay package to continue being the CEO of Tesla. Without it, he warned, he'd take his AI and robotics ambitions elsewhere. But a Delaware judge tossed that deal out, ruling that Musk wasn't entitled to that amount because of flawed negotiations and weak oversight. Tesla's board, the judge said, was " beholden " to its CEO."
Elon Musk has been offered a new Tesla compensation package that could award him another trillion dollars if specific performance targets are met. The proposed package would raise his Tesla stake to at least 25 percent. A previous proposed $100-plus billion package was struck down by a Delaware judge, who found flawed negotiations and weak oversight and described Tesla's board as "beholden" to its CEO. Tesla previously awarded Musk 96 million restricted shares valued at $29 billion as a preliminary payment. The potential payout would exceed the GDP of many countries. Rivian is cutting hundreds of jobs ahead of its R2 launch, and ICE agents raided Hyundai's Georgia EV plant over alleged unlawful employment.
Read at InsideEVs
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