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In 2018, Tesla $TSLA was worth just under $60 billion. They signed a 10-year CEO extension & compensation deal with
@elonmusk
, which offered him *zero base compensation*, but up to $55 billion in compensation if, and only if, he could more than *10x the company's value* to $650 billion, a feat no CEO has ever accomplished.
By 2020, less than 3 years later, Tesla did indeed hit a $650 billion market cap, despite the skeptics who literally called it "laughably impossible" when the plan was publicized.
Now, the Delaware courts are shooting down that compensation package, citing that the Board of Directors were not truly independent and that shareholders weren't aware of the Board's relationship with Musk.
This is a joke, an insult to basic capitalist principles, and a mockery of the work that Elon put in to grow Tesla to this point.
Below is a clip from 2018 highlighting how wildly ambitious these milestones were considered by the media at that time:
Subscribe: Keanu Reeves
@elonmusk
, which offered him *zero base compensation*, but up to $55 billion in compensation if, and only if, he could more than *10x the company's value* to $650 billion, a feat no CEO has ever accomplished.
By 2020, less than 3 years later, Tesla did indeed hit a $650 billion market cap, despite the skeptics who literally called it "laughably impossible" when the plan was publicized.
Now, the Delaware courts are shooting down that compensation package, citing that the Board of Directors were not truly independent and that shareholders weren't aware of the Board's relationship with Musk.
This is a joke, an insult to basic capitalist principles, and a mockery of the work that Elon put in to grow Tesla to this point.
Below is a clip from 2018 highlighting how wildly ambitious these milestones were considered by the media at that time:
Subscribe: Keanu Reeves