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Major Tesla Shareholders Back $2.6 Billion Payout to CEO Musk
Two of Tesla Inc.’s largest investors are backing a board plan designed to keep CEO Elon Musk on board for years by paying him $2.6 billion in compensation, Bloomberg News says.
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Two of Tesla Inc.’s largest investors are backing a board plan designed to keep CEO Elon Musk on board for years by paying him $2.6 billion in compensation, Bloomberg News says.
The investors, Baillie Gifford and T. Row Price Group, tell the news service they will vote in favor of the package at a special shareholder meeting on March 21. The two firms hold a combined 14% stake in the electric carmaker.
Musk currently owns 20% of Tesla. The proposed compensation plan would give him options on 20.3 million shares that vest in 12 increments if Tesla meets performance targets, including a 12-fold hike in the company’s market value to $650 billion.
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