Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, just six months after a judge ordered the company to revoke his massive pay package.
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company’s CEO.
But he only hold 13% of the stock. Any of the other stock holders could pretty easily group up and remove him, if they wanted to. It’s not like the Zuck who is a permanent 51% vote owner.
I suppose it’s possible that he has more voting rights that owning rights, but still. A 37 point difference would be massive.
One of the board members is Elon’s brother Kimbal…
https://ir.tesla.com/corporate