Tesla Investors Approve $2.6 Billion Award for Musk

Tesla Investors Approve $2.6 Billion Award for Musk

Tesla Investors Approve $2.6 Billion Award for Musk

Tesla Inc shareholders approved a compensation package potentially worth as much as $2.6 billion for Chief Executive Elon Musk on Wednesday in a test of their confidence in the leader of the electric vehicle company. But which way do shareholders hope the vote goes? "Given the size of the award, we believe the potential dilution to shareholders is just too great", CalSTRS's Director of Corporate Governance, Anne Sheehan, told Reuters .

US electric auto company Tesla Inc said on Tuesday that Chief Executive Elon Musk, who was visiting Israel, did not discuss a collaboration with artificial intelligence firm Cortica.

The awards involve stock options in 12 tranches - and for the first, Tesla must rise to $100 billion.

In order to receive the highest award, Tesla would have to be worth more than 12 times as much as General Motors, the US's largest auto manufacturer, is today ($52.9bn).

The vote came as Tesla shares entered a bear market, with the stock down roughly 20% from its 52-week high. Also, Musk can not sell his stock until five years after the deal, which should theoretically dissuade him from artificially inflating Tesla's stock price in order to cash out quickly.

"In addition, we have concerns about the lack of focus on profitability for the company".

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Elon and Errol Musk are both brilliant engineers in their own right, however it seems as if they need to work on repairing their relationship for the good of their family.

Tesla's stock was down 0.63% this year. Meanwhile, the company has faced continued setbacks on its more affordable Model 3. Musk also is the founder and CEO of rocket company SpaceX and co-founder of OpenAI, a nonprofit that researches artificial intelligence.

Ahead of the vote, a top investor in Tesla Inc and a major proxy adviser offered opposing views on whether to support the compensation arrangement, which required majority approval from shareholders.

Will You Make a Fortune on the Shift to Electric Cars?

Though I feel like an acquisition is unlikely simply because the space has seen a ridiculous surge in valuation and autonomous driving startups basically have an automatic billion-dollar valuation, which would be hard to pull for Tesla. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics.

"Almost every evil thing you could possibly think of, he has done".

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