Tesla Calls for New Vote on Elon Musk’s Pay Package - The New York Times (nytimes.com)
In 2018, Tesla came up with a package that would give Musk the right to buy up to 304 million shares at a preset price of $23.34 — if he met a series of increasingly difficult-to-achieve financial milestones. If he didn’t meet them, he would get nothing. At the time, the company was worth $59 billion.
If Mr. Musk were somehow to increase the value of Tesla to $650 billion — a figure many experts would contend is laughably impossible and would make Tesla one of the five largest companies in the United States, based on current valuations — his stock award could be worth as much as $55 billion.
About 73 percent of non-Musk shareholders approved the plan in a 2018 vote.
Musk managed to surpass those high hurdles. But in January, a Delaware judge struck down the plan, agreeing with shareholders who had sued to block the payouts because, they said, it was created with the help of overly compliant Tesla directors.
