Tesla will deprive Elon Musk the salary

Tesla will deprive Elon Musk the salary

January 24, 2018 0 By autotimesnews

The company Tesla decided not to pay Elon Mask salary. In accordance with the new system of incentives for the head of the brand, he will be able to count on remuneration only if the financial indicators are in line with the planned ones.

“Elon will not receive any guaranteed compensation – neither salary, nor bonuses, nor shares that are granted during the time of work,” the message of “Tesla” says.

https://ssp-nj1.webtradehub.com/?c=n&m=tag&placementId=21442&ip=[IP]&ua=[UA]&domain=[DOMAIN]&page=[PAGE]&secure=[SECURE]&language=[BROWSER_LANGUAGE]&bidfloor=[BIDFLOOR]&gdpr_consent=[GDPR_CONSENT]

The incentive program is designed for 10 years and consists of 12 tranches. Each of them is an option for one percent of shares in circulation. In order to get the first reward, Mask should achieve Tesla’s market capitalization growth from the current 59 to 100 billion dollars.

Each subsequent tranche of the Mask will be received as soon as capitalization grows by another 50 billion. Thus, all the planned rewards the businessman will be able to get if the capitalization reaches 650 billion dollars.

According to the “Tesla” message, the new system guarantees that Mask will continue to lead the company in the long term. At the same time, it is also possible that another person who reports to the Mask will be appointed to the post of the head of the stamp. In Tesla noted that at the moment such a development is not considered.

Such a system of incentives will come into force in the event that shareholders vote for it. According to Forbes data for 2017, the state of the Mask is estimated at almost $ 14 billion.

Previously, the media reported that Tesla spends money at a rate of 480 thousand dollars per hour. According to experts, such rates can lead to the fact that the company will exhaust the stock of funds by August 2018. Last year the company also recorded record losses.