Tesla Shareholders Approve CEO Elon Musk's Pay Package

Pic Getty Images

Pic Getty Images

A company filing with the Securities and Exchange Commission showed shareholders supported the pay deal by a large margin. Also included are targets to increase adjusted pretax income and revenue. For Musk to get all the options, Tesla would have to become worth $650 billion-more than Facebook Inc. -and produce more revenue than Procter & Gamble Co.

Investors were expected to back the plan despite a recommendation by stockholder advisory firm Institutional Shareholder Services that it be rejected as too costly.

Based on these numbers, both ISS and Glass Lewis had recommended that shareholders vote against the compensation package. Tesla reported a $675.4 million net loss for the final quarter of 2017, and a $1.96 billion deficit for the year.

Tesla said Musk recused himself from the board's vote authorizing the pay plan and did not participate in Wednesday's meeting.

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The plan would deliver vested stock to Musk in multiple increments as the company approaches $650 billion in market value and hits other financial milestones. "It's very important to think about the specifics of Tesla and what we have already achieved". "The shareholders get 99 percent, Elon gets 1 percent", Gracias said.

Owners of the Model 3 -Tesla's first mass-market EV -can now use Siri voice commands for a select range of functions. With a starting price of $35,000, Tesla is targeting a mass market with the Model 3, but has struggled with mass production so far.

Gracias says shareholders realize that Tesla is often optimistic about hitting production milestones and is working hard to achieve them. "Our goal is, we'll be able to do a demonstration guide of full autonomy all the way from LA to NY. We are sometimes late", he said.

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 U.S. and 300 in Mexico, Canada and China with the acquisition of SolarCity. The new award binds him to the company for a decade, requiring him to remain either CEO or executive chairman and chief product officer.

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For Mr Musk to receive the full award, Tesla's value would have to jump to $650bn.

Musk and his brother, Kimbal, both members of the board, have recused themselves from the vote. Turning the focus to some historical price information, we note that the stock has moved 5.38% over the previous 12 weeks. "We believe the final plan is well aligned with shareholders' long-term interests", the company said in a statement.

"I feel pretty good about this goal", Musk said at the time.

Such packages can encourage CEOs to take risks in order to meet the milestones, Saxton said. "He'll come as close to winning as he can".

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Votes on the compensation plan will be cast at a special shareholder meeting in Fremont, California, at 9 a.m. local time. 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.

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