Tesla’s board has proposed a compensation package for CEO Elon Musk that requires a market cap of $650 billion. The company’s current market cap is about $60 billion. Tesla has rarely made money in 14 years and would have to take over the auto industry to make this proposal worth it. Ahead of its annual shareholder meeting in March, Tesla announced Tuesday that over the next ten years it wants to pay CEO Elon Musk entirely in stock and tie his compensation to the company, increasing its market cap to $650 billion from about $59 billion at present.“Elon will receive no guaranteed compensation of any kind – no salary, no cash bonuses, and no equity that vests by the passage of time,” Tesla said in a statement filed with the Securities and Exchange Commission.“Instead, Elon’s only compensation will be a 100% at-risk performance award, which ensures that he will be compensated only … [Read more...] about Tesla’s new pay plan for Elon Musk isn’t a bold move, it’s a delusional one
Elon musk
Tesla CEO Elon Musk to receive 10-year pay package dependent on massive growth
PALO ALTO, CALIF.—Elon Musk will remain at Tesla under a 10-year, all-or-nothing pay package that demands massive growth.The agreement, revealed Tuesday in a regulatory filing, requires that Tesla grow in $50 billion leaps, to a staggering $650 billion market capitalization.To put those demands in perspective, the electric carmaker, based in Palo Alto, California, is worth less than $60 billion today.Tesla must hit a series of escalating revenue and adjusted profit targets, only after which Musk would vest stock options worth 1 per cent of company shares.If the goals are reached, Tesla will be one of the biggest companies in America, and it Musk’s wealth would grow exponentially. … [Read more...] about Tesla CEO Elon Musk to receive 10-year pay package dependent on massive growth
Elon Musk confirms he was at an alleged Silicon Valley ‘sex party’ until 1am — but he thought it was a costume party and left early
Elon Musk attended a now-notorious event at a Silicon Valley investor’s home that has been described as a “sex party” but he says there was no lurid behaviour while he was there. In an extract from her forthcoming book “Brotopia,” Emily Chang detailed a party at a venture capitalist’s house that saw drug-taking and open sexual behaviour. Axios subsequently identified it as the home of former DFJ investor Steve Juvertson, while another blog post written by entrepreneur Paul Biggar said that, while they didn’t see any explicit sexual behaviour, they did see Elon Musk in attendance. Steve Juverston left DFJ, the fund he helped found, after allegations of sexual harassment were made against him. In a statement to Business Insider, a spokesperson for the Tesla and SpaceX founder confirmed he was there, but that he believed it was a “corporate’ costume-themed party and spent his time there talking about technology and … [Read more...] about Elon Musk confirms he was at an alleged Silicon Valley ‘sex party’ until 1am — but he thought it was a costume party and left early
Elon Musk said Tesla will fix an annoying problem that can lead to water dumping into its cars
Tesla recently reintroduced automatic windshield wipers to its vehicles. A Model 3 owner wrote on Reddit that the wipers activate as soon as a door opens, which can push water into the car. On Twitter, Tesla CEO Elon Musk said the problem would be fixed in an upcoming software update. Tesla recently brought automatic windshield wipers back to its vehicles, but a Model 3 owner revealed a problem with the wipers that CEO Elon Musk said would be fixed. On Reddit, the Model 3 owner said that, when it’s raining, the windshield wipers will begin moving as soon as a door opens, pushing water into the car. “When getting into the car in the rain, the wipers auto-setting triggers when you open the door, which proceeds to dump all the water on the windshield into the car and you,” the owner wrote. The Reddit post was brought to Musk’s attention on Twitter. He replied by saying the bug would be … [Read more...] about Elon Musk said Tesla will fix an annoying problem that can lead to water dumping into its cars
Elon Musk needs to make a bold call on Tesla’s Model 3 before it’s too late
Tesla has no hope of hitting its goals for the Model 3 in 2018. There’s no shame in rightsizing the car business to avoid further delays and setbacks. CEO Elon Musk is going to have to make a brave call, and it could cost him a lot. “Production hell,” as Elon Musk calls it, has reached a new level of blazing discomfort at Tesla. Last week, the company reported that it had fallen well short of its delivery goals for the Model 3, the $35,000 car that’s supposed to transform Tesla from a niche player to the dominant force in the new age of electrified automobiles. Tesla also pushed back its production plans for the Model 3 by a full quarter – a 5,000-unit weekly run-rate now won’t arrive until the end of the second quarter of 2018. On the bright side, Tesla set a record for 2017 deliveries, selling over 100,000 vehicles for the first time in its 14-year history. And there is a splash of cool … [Read more...] about Elon Musk needs to make a bold call on Tesla’s Model 3 before it’s too late