Apa Yang Terjadi Dengan Pembayaran Tesla Elon Musk Setelah Paket $56 Miliar Dibuang? Rumit - Autoblog

Diterbitkan Ulang Oleh Plato

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Setelah pengadilan Delaware membatalkan Elon Musk Paket pembayaran $56 miliar pada hari Selasa, Tesla kepala eksekutif dan dewan yang dianggap terikat padanya harus menemukan cara untuk menegosiasikan kontrak pengganti. Ini tidak akan mudah.

Keputusan ini memicu investor yang selama bertahun-tahun telah menyuarakan keprihatinan tentang independensi dewan Tesla. Ini bisa menjadi titik balik bagi Musk, yang baru-baru ini mengatakan dia tidak nyaman mengubah Tesla menjadi pemimpin kecerdasan buatan jika dia tidak mendapatkan kendali 25% dengan paket gaji baru.

“This throws Tesla into a complete sort of tailspin from an executive perspective,” said Tesla shareholder Ross Gerber, who said the court decision essentially required new independent board members who would provide CEO oversight. “Then it gets real messy because Elon — it’s either his way or the highway,” said Gerber, who last year publicly considered a board run as an independent.

Musk belum mengatakan apa yang akan dia lakukan, meski hampir pasti akan mengajukan banding. Saham Tesla turun sekitar 1% pada hari Rabu.

Pertama, Musk harus mengembalikan apa yang didapatnya jika keputusan itu tetap berlaku. Dia telah memenuhi persyaratan kontrak tahun 2018 dan menerima 12 tahap opsi senilai sekitar $51 miliar.

Musk pada hari Rabu memiliki kekayaan $184 miliar, menurut Forbes, dan memiliki keuangan yang rumit termasuk pinjaman dengan menggunakan saham sebagai jaminan. Pengajuan publik tidak menunjukkan apakah dia telah mengambil pinjaman yang didukung oleh opsi tersebut, kata perusahaan riset pembayaran Equilar. Dia belum menggunakan opsi untuk mengubahnya menjadi saham, jadi menyerahkan pendapatannya mungkin tidak sulit secara teknis.

Deciding what to replace the package with will be a difficult process, since it is unclear who will bargain on Tesla’s side. The judge who threw out the package called it an “unfathomable sum” that was unfair to shareholders and questioned the board’s independence.

Equilar estimated in 2022 that Musk’s package was around six times larger than the combined pay of the 200 highest-paid executives in 2021.

Hakim Delaware Kathaleen McCormick mengatakan banyak direktur dewan saat ini yang diberi label independen oleh Tesla, termasuk James Murdoch, Ketua Robyn Denholm dan Ira Ehrenpreis, menunjukkan kurangnya independensi dalam keputusan gaji.

Denholm dan Ehrenpreis berada di komite kompensasi Tesla bersama dengan Kathleen Wilson-Thompson, yang bergabung dengan dewan direksi pada akhir tahun 2018 setelah pemegang saham menyetujui paket pembayaran tersebut.

“They’re going to have to refresh the board. I mean, he may not like it, but it’s going to be very hard to run this company as it did,” said Charles Elson, director of the University of Delaware’s corporate governance center.

Musk could decide to leave, he added, but in doing so he would torpedo the value of the 13% stake he holds, independent of the pay package. Even before Tesla has announced this year’s annual meeting, several shareholders already are promoting resolutions to give investors more control by moving to annual director elections and eliminating a supermajority voting requirement.

In a court hearing leading up to Tuesday’s ruling, an attorney for the shareholder who brought the case against Musk told the court that there was precedent for Tesla compensating Musk for past performance, but it had to be reasonable and go through the usual processes that the judge found were missing from the 2018 negotiations.

McCormick questioned if any pay for Musk was necessary, given his fortune swelled along with Tesla’s success, given his stake in the company.

“There are many examples of visionaries with large pre-existing equity holdings foregoing compensation entirely: Zuckerberg, Bezos, Gates, and others so familiar to the world that no first names are required,” McCormick wrote.

Musk membawa rekam jejak yang kuat dalam setiap negosiasi.

Tesla pasar saham value was $53 billion when Musk’s package was approved in 2018. It was a money-losing enterprise, struggling to accelerate production of its Model 3 sedan. That was when Musk famously described Tesla as being in “production hell.”

Pada tahun 2021, sekarang sudah menguntungkan, setelah melewati pandemi dan meluncurkan Model Y small SUV, Tesla’s market value reached $1.2 trillion. That became the world’s second mobil terlaris atau SUV tahun lalu, Mobil dan Pengemudi diperkirakan.

Tesla’s valuation has fallen to around $600 billion, but still is more than 10 times what it was when the process began, and the company is still worth more than most auto industry veterans, combined.