VERIFIEDBy Xavier Rivera· ·1 min read
Tesla Files to Register Musk's $114B Pay Shares
Tesla filed an S-8 with the SEC to register over 303 million shares for Elon Musk's 2018 pay package, now worth $114 billion. The move ends a multi-year legal battle after courts restored the record compensation award.
Source:Electrek
TL;DRAI · 60 sec read
Tesla has filed an S-8 registration statement with the SEC to register 303,960,630 shares of common stock for CEO Elon Musk under his 2018 pay package. At today's share price of ~$376, those shares are worth over $114 billion.
The filing confirms expectations following the Delaware Supreme Court's restoration of the award in December. It marks the end of the years-long legal fight over the largest executive compensation deal in corporate history.
The 2018 CEO Performance Award granted Musk options to buy 304 million shares, split-adjusted, at $23.34 per share. The award was contingent on Tesla achieving 12 escalating market cap and operational milestones, with Musk reaching the final one in December 2021.
In January 2024, Delaware Chancery Court Judge Kathaleen McCormick voided the package. She ruled the board's approval process deeply flawed, as Musk effectively controlled the negotiation through personal relationships with board members.
The filing confirms expectations following the Delaware Supreme Court's restoration of the award in December. It marks the end of the years-long legal fight over the largest executive compensation deal in corporate history.
The 2018 CEO Performance Award granted Musk options to buy 304 million shares, split-adjusted, at $23.34 per share. The award was contingent on Tesla achieving 12 escalating market cap and operational milestones, with Musk reaching the final one in December 2021.
In January 2024, Delaware Chancery Court Judge Kathaleen McCormick voided the package. She ruled the board's approval process deeply flawed, as Musk effectively controlled the negotiation through personal relationships with board members.
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