Kimble MuskThe younger brother of the world’s richest person said Elon Musk “It is worth paying,” as Tesla Stays locked in a legal saga over your CEO Pay package,
“I think my brother is entitled to pay,” Kimble Musk on Friday said on CNBC’s “squalk box”. “They have zero salary for the last six to eight years. I don’t think this is correct. I will let Tesla shareholders take this decision, but I believe it needs to be done. They need to be paid.”
Elon Musk has not been paid salary or any cash bonus in Tesla. They are compensated through the “Performance Award” of valuable stock options that kill a few milestones based on Tesla.
Earlier this month, Tesla gave Elon Musk a “interim” pay package of 96 million shares, which would cost around $ 29 billion. The package includes shares that are formed in two years as long as it continues as a CEO or in any other major executive position.
The Pay Scheme was approved by a “Special Committee” of Tesla Board, in which Elon Musk and Kimble Musk revived themselves, board members Robin Denhom and Cathleen Wilson-Thompson told the shareholders in a letter of August 4.
The award came after the other Delaware judge In December, Tesla was ordered to cancel Alon Musk’s $ 56 billion pay package since 2018, the largest compensation scheme in American history for the executive of a public company.
Before the Delaware decision on its 2018 pay plan in January 2024, Musk said He wanted Tesla even more salary and control in a post on X, earlier known as Twitter.
Musk wrote at that time, “I am uncomfortable without ~ 25% voting control to be a leader in AI and robotics.” “Is enough to be impressive, but not so much that I cannot be turned back. As long as the case is not, I would prefer to manufacture products outside Tesla.”
He was already producing products outside Tesla, including his latest. artificial intelligence Venture, XAI, which was built in Nevada in March 2023.
The new pay package was given to Kasturi without a shareholder vote, and will only apply when Musk and Tesla are lost on the appeal in Delaware.
An investment group that works with pension fund, SOC Investment Group, sent One letter This week Nasdaq asked him to investigate Tesla, stating that his board should receive shareholder approval for new package under Nasdaq Listing Policies.
Announcing the interim salary package, in the August 1 letter to the shareholders, Tesla Board members Denhom and Wilson-Thompson wrote that the Special Committee is working to address a long-term CEO compensation strategy, “which she plans to vote in Tesla’s upcoming annual meeting in November.
– Lora Copanny of CNBC contributed to this report.
