Musk, the world’s richest man, asks for salary online

Tesla’s stock has soared again after the latest wave of bearishness.

SpaceX’s starship has been successfully recovered for the third time after initial troubles.

and the valuation of xAI, an invested artificial intelligence start-up, has soared recently and has more than doubled since it entered the financing phase in May and now exceeds $50 billion.

All together according to the statistics of the Bloomberg Billionaires Index on the 11th of this month Boss Ma’s personal net worth has broken through the $440 billion mark at the current time point.

He is also the first billionaire to break the $400 billion mark in personal net worth.

▲ in June this year, through a high proportion of shareholders’ meeting, Boss Ma “once again” made it clear that he would receive the “salary package” promised by the board of directors in 2018.

This move is actually in response to the court’s decision at the end of January this year, and if all this is added to it, he recently won the big prize in the political team and won the blessing of “official” at one stroke, he can be called “Minister Ma”.

I believe everyone will think that this guy must be in a super superposition of wish fulfillment + complacency + high spirits, right? Then you are wrong and you are so wrong.

As a matter of fact, Boss Ma is absolutely hard to swallow when he is holding his breath, even if he is not so angry and anxious.

Throughout its recent Twitter, it is almost impossible to talk about asking for wages and complaining about grievances.

Because it was cashed by Tesla’s board of directors at the beginning of the year, with a market value of nearly 56 billion US dollars at that time, it has now risen to more than 100 billion US dollars in stock option packages.

Moreover, not only did he lose it, but he also had to pay hundreds of millions of dollars in legal fees for the lawsuit.

From incentive programs to betting agreements, the more than $440 billion in assets counted in various billionaire indices is probably true, because it involves a lot of assets that are valued or not listed, such as SpaceX and xAI.

After all, there is a great deal of uncertainty.

The military trace of ▲ SpaceX is too strong, and xAI still has a lot of technical uncertainty, so Tesla is the most reliable asset of Boss Ma at present, but only Tesla’s stock is solid.

And this is indeed the most cherished asset of Boss Ma.

Among them, it not only pours its efforts as a CEO for 20 years, but also goes beyond the scope of responsibility, uses its own cross-enterprise and even cross-industry influence, and even makes a disgrace to pay.

It can be said that Boss Ma finally got every share in his hand, with painstaking efforts, all of which he deserved.

So far, the stock that Lao Ma acquired from Tesla is mainly obtained through two equity incentive agreements.

The first equity incentive agreement signed in 2012, although the data is also harsh, but overall it still looks like a relatively normal equity incentive agreement for CEO.

The agreement at that time covered two aspects: the market value of the enterprise and the goal of production and operation, with a total of 10 target nodes.

The market capitalization target is to start with a market capitalization of $3.

2 billion at that time and set a target of $4 billion for every increase to $43.

2 billion at level 10.

The business goal is to start from the official launch of the Model X model, until the total mass production of the 10th level reaches 300000 vehicles.

▲ unveiled at Tesla’s annual shareholders’ meeting in 2014.

However, it will not be officially listed until a year later, and the corresponding incentive method is to bind the market capitalization target to the operating target, and to achieve the market capitalization growth and operating objectives at the same time, then Lao Ma can get 0.

5% option reward.

All ten target nodes can get a total of 5% of the shares of the enterprise.

Once again, the incentive agreement, which began in 2012 and completed in 2018, is common and relatively fair in European and American business circles.

Set the reward according to the node and complete several levels of stock options.

But the second option incentive agreement in 2018 is another matter.

As we all know Tesla faced the biggest crisis so far in 2018.

At that time, although it was later proved that the groundbreaking Model3 had been mass-produced, factories in North America faced unprecedented capacity bottlenecks.

In addition, after more than a decade of continuous losses, and repeated hope to disappointment hype, the capital market also showed fatigue to Tesla.

How does ▲ hedge the actually very dangerous bankruptcy public opinion? Musk showed off his online celebrity marketing skills in 2018 when he passed out next to a Model3 with a sign on his chest with the caption: Bankwupt! (bankrupt! However, the English letter of bankruptcy was misspelled and the “r” was replaced by “w” on the cards.

As a result, the real thing turned out to be fake, and with more than a decade of wealth, the financing and investment needed to tide over the crisis at that time was far greater than it was on the eve of the launch of Model S in 2009.

So at this time Musk was again pushed out by the board as a lifesaver.

And this time, in order to inspire Lao Ma to burst into greater energy, lead the company out of the predicament completely and achieve far more development than originally expected, Tesla’s board of directors formulated the second equity incentive plan.

Market capitalization target: starting from $100 billion, every increase of $50 billion is one level, to $650 billion, which is divided into 12 levels.

Operating objectives: including Tesla’s total income and earnings before interest and tax (Earnings Before Interest Depreciation and Amortization, which further deducts the impact of other operating expenses but retains the impact of interest and income tax on the basis of gross profit, EBIDA), total revenue increases from US $20 billion to US $175 billion, EBIDA from US $1.

5 billion to US $14 billion, each divided into eight levels.

According to known information, the goal of Tesla’s board of directors for this incentive plan is not only to push Tesla’s market value up to the US $650 billion mark to become a world-influential super enterprise, but also to reverse the business situation at one stroke.

It is not only necessary to reverse losses, but also to make substantial profits.

If not in terms of the current outcome and from the perspective at that time the plan would have gone beyond the scope of ambition and would have used the CEO of Lao Ma as Superman.

And the most controversial are incentives and excessively stringent restrictions.

According to the agreement Musk will theoretically get a 1% equity incentive for every step of the market capitalization and achieving the corresponding business objectives.

But the entire incentive plan not only sets a 10-year assessment period, in this period of timeCEO will not receive any other salary or benefits of Tesla.

And if it fails to achieve any milestone assessment goals, it will not receive other compensation.

The Tesla Super Factory in Hong Kong, which was signed by ▲ in 2018 and sprung up in 2019, is the foundation of all miracles since then, because it is this factory in China that has turned all the hype and marketing skills into actual output.

Of course, Musk should also thank his Chinese fans, and the only part left to Lao Ma to be “free to choose” is that he can choose 12 of the eight business objectives as actual assessment items.

This is actually not a conventional incentive scheme, but an out-and-out commercial gambling agreement between Europe and the United States.

To put it bluntly, Tesla’s board of directors completely regarded their CEO as a son of a bitch in the wishing pool.

The problem, however, is that it does not take a decade, but only five years from 2019, and by the end of 2023, all those goals that were supposed to be extremely demanding, whether in terms of market capitalization or operating goals, as well as turning losses into profits and profit margins, have been completely achieved! At the beginning of 2024 the option bonus of up to $55.

8 billion calculated according to the stock price at that time was about to be successfully started by Lao Ma.

Wait a minute! A lawsuit six years ago has a preliminary outcome.

▲ Judge Catherine McCormick of Delaware Chancery Court twice ruled that Boss Ma’s salary agreement was invalid.

Delaware Chancery Court (The Court of Chancery of the State of Delaware) ruled in January this year that the salary agreement signed by Tesla Board of Directors and Musk in 2018 was invalid! Who in the end decides the salary of CEO? In April 2018, a Tesla “shareholder” named Richard Toneta filed a lawsuit in Delaware, where Tesla is registered, asking the court to rule that the “incentive agreement” signed between Tesla’s board of directors and CEO Musk was invalid.

The reason is that there is a serious “unfair” problem in the incentive scheme.

What is particularly clear here is that the reason why the above use double quotation marks for shareholders is that the prosecutor was found to hold only 9 shares of Tesla when he initiated the lawsuit.

Yes, the author really did not make a mistake, not 9 hands, but really only 9 strands.

Richard Tonetta, a shareholder of Tesla who owns 9 shares in ▲, is said to be a drummer for a heavy metal band.

The lawsuit was sentenced in January after wrangling in Delaware equity court for almost six years.

Judge Catherine McCormick decided to support Richard Tonetta’s appeal and revoked the pay plan.

The viewpoints and reasons for making the final award are as follows: 1.

Judge Catherine thought that the independence of Tesla’s board of directors was insufficient-many members had a too close relationship with Lao Ma, and their daily life was like following the lead of the “horse”.

After signing the agreement with CEO, Tesla’s board of directors disclosed to shareholders and investors at all levels neither complete nor accurate enough to fully explain the impact of Musk’s duties in other companies on Tesla.

To sum up, Tesla’s board of directors has no way to prove the rationality of the salary plan and the fairness of the negotiation process, so the plan is invalid.

Tesla senior executives of ▲ have an overview with the board of directors.

On the right are the current board members.

The judge held that the group listened too much to CEO Musk, and after the results of the first trial were announced, Ma posted a tweet directly on his X home page-“Never incorporate your companyin the state of Delaware”.

▲ do not register your company in Delaware-there should be an exclamation point at the end, and there should be more than one, although there is no punctuation, but the anger can almost break through the screen.

Of course what Lao Ma said was angry after all.

Even if he did manage to push for Tesla to move to Texas out of anger, it did not help the lawsuit itself.

As a matter of fact Delaware is famous for its corporate law and corporate governance.

This court of equity, in particular, is famous for dealing with a variety of complex commercial disputes.

Because of this, Delaware attracts a large number of companies from across the United States to register here.

It is true that Judge Catherine’s ruling is not aimed at Musk, and the reasons for his decision are more recognized than questioned in North American business circles.

In short, this is standard.

“you can’t support the rule of law just because the court’s decision is in your favor.

” It belongs to “boomerang” again.

▲ the earthly version of Biden’s famous quote not long ago belongs to.

Of course Lao Ma himself is not convinced and not convinced by the verdict.

Against the judgment of first instance against him, the attorney immediately announced that he would appeal.

At the same time, Lao Ma also began to carry out activities within the investor group of Tesla, and held another shareholders’ meeting on June 13 this year to reconfirm the plan at the end of 18 years.

At that time, shareholders with a total shareholding of 84% voted for the plan after excluding the shares of Lao Ma and his brother Kimball Musk.

But the judge did not buy the above operation either.

In early December, the Delaware balance Court, or Justice Catherine McCormick, rejected Musk’s pay package as it was.

The same reason was repeated-Tesla’s board was too close to Mr Musk to prove that the compensation package was fair to shareholders.

The support of the 84 per cent stake in June is only another proof of Mr Musk’s control over Tesla’s shareholders and the need to prove that the pay package is open and fair.

As for how to prove it, please think of your own way.

▲ in June the shareholders’ meeting endorsed Boss Ma’s salary plan again by an absolute majority.

At that time, Boss Ma smiled brightly, which was the public recognition of his various contributions by the majority of shareholders over the past decade-but the judge still did not recognize it.

It is indeed the sense of sight of the 22nd military Regulation.

The loss is not just a huge amount of stock acquired through the compensation package.

In addition to withdrawing Musk’s high salary plan, Musk has to pay $345 million (2.

5 billion yuan) in legal fees to lawyers in order to sue for his salary package.

And more importantly, with Tesla’s share price rushing all the way over the past six months, it was close to 56 billion US dollars at the beginning of the year.

The equity compensation package has now increased to more than 100 billion US dollars.

For the ruling of the second instance, Boss Ma immediately tweeted: “Shareholders should control company votes not judges” (‌ shareholders should control the company by vote, not through a judge).

Just like last time punctuation marks at the end of the sentence are used to represent emotion.

It’s just that unlike the last time it was full of resentment, this time it was full of powerlessness.

▲ Let’s take a look at the head picture of the article-looking at the hard-working and tired chauffeured driver, friends who follow the car commune and the C-dimensional account must have noticed that the author has always been disapproving of Musk, and there are often all kinds of criticisms.

Today, however, the author would like to explain in particular– I have never hated Musk himself.

It is only his mentally handicapped fans that annoy me.

But the author is also very soberly aware of why this is the case.

Xixi in the world is all for profit.

the world is bustling for benefit.

There are few otherworldly saints in the world who can completely ignore the individual to lose the pursuit of lofty ambitions and ideals.

Musk is naturally not immune from vulgarity.

He is a man with ideals but in essence he is a businessman and he has the seven emotions and six desires that everyone has.

Therefore, Lao Ma certainly cares about his own interests and loves money very much-there is nothing wrong and beyond reproach.

Whether it’s jumping up and down on social media for ten years, beating chicken blood and hitting hot spots day after day, or even risking being targeted by regulators to bring in traffic from other companies you own.

Public drug use is also a marketing tool for the sake of traffic and hot spots in ▲.

During this period, because of dissatisfaction with Vernon Ainsworth, a British professional diver in charge of rescue work, he rejected his pocket submarine plan, and Musk even hired a private investigator to go through each other’s “dirty material” because of his language conflict on social media.

Vernon was stigmatized as a “pedophile” because Vernon lived in Thailand.

As an aerospace enthusiast who has been following the progress of the SpaceX launch since 2009, the author once regarded all this as the depravity of Musk.

However, after learning all about its salary incentive agreement, I have to sigh at the spirit of playing with my life for the sake of my wealth and the company.

Living in the earthly world, who can be free from seven emotions and six desires? What’s more, if you want to realize your dream, the dream that soars beyond the sky needs endless wealth to support it.

So this time the author must stand in line with Musk unconditionally.

What’s more, there are still conspiracy theories that Tesla’s internal shareholders, who are still dissatisfied with Boss Ma, secretly manipulated the prosecution.

▲ now the United States is unworthy of business owners like Musk the evil of the American capital game is to induce people to release the ugliest things in their hearts in order to gain wealth and status.

But if you are not willing to abide by the contract in this “devil’s deal”, then I can only say that the United States today is not worthy of him, Elon Musk! , return to the first electric network home page >.

Link to this article: https://evcnd.com/musk-the-worlds-richest-man-asks-for-salary-online/

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