Tesla: canceled in court, Musk's huge compensation plan will again be submitted to shareholders

Same player, shoot again. Elon Musk has every intention of getting $56 billion worth of Tesla stock. Remuneration which was refused to him at the end of January: a judge in Delaware, the state where Tesla is registered, had canceled a 2018 plan providing for a transfer of $56 billion in shares to the entrepreneur if his objectives were achieved. But a shareholder of the manufacturer complained of deception, winning his case...

Nothing to deter Musk. In June, during its next general meeting, Tesla will resubmit this XXL remuneration project. “The council supports this plan,” argues the company’s board of directors. We believed in it in 2018, asking Elon to pursue remarkable goals to grow the company. You, as shareholders, also believed in it in 2018 when you overwhelmingly approved it. Time and results have only demonstrated the wisdom of our judgment. »

In crusade against Delaware, Tesla will also submit to shareholders the transfer of the company's registration to Texas. The timing of these announcements is very poor. Elon Musk has just announced the elimination of more than 10% of Tesla's workforce, or 14,000 people. All the indicators have been red for several months: its operating margin was halved between 2022 and 2023, its sales and production fell in the first quarter, and its stock price has plunged by 38% since January…