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.
He controls the company. This is him “rewarding” himself. He’s desperately trying to cash out before the stock price tumbles because he knows their valuation is way out of hand.
Idk it’s pretty smart, but how is he going to sell $29b of Tesla without crashing Tesla?
Rich folk don’t sell their stocks for daily spending money. They use the stock as collateral to take out loans at low rates then just pay the service fees on the loans. He’s got to be leveraged to the tits in his current stocks so he’s just giving himself more.
Yeah, but the issue with that is that when the Stock starts coming down the banks will come for their money, though I guess aa the saying goes if you owe the bank a 100 million the bank is in trouble not you
If you owe the bank $100 dollars, you have a problem. If you owe the bank $100 million dollars, the bank has a problem.
Gradually. But he can’t sell until he has possession of the shares, so that was the first step.