He's not collecting anything. All he did was temporarily block Musk from receiving a salary of 55 billion. I wouldn't be surprised if Musk has a clause in his contract to collect even more as part of any severance package in order to step down.
It was a negotiated pay package between Musk and the Tesla Board. There were certain benchmarks to be met by Musk’s performance. He met and exceeded all of them. One in particular was annual revenue. The benchmark was $650 Billion. It exceeded $1 Trillion.
Musk lived up to his end of the deal and the Delaware judge blocked Tesla from living up to their end.
My suggestion: Musk should sue Tesla in a Texas court for breach of contract. The two parties quickly settle out of court for $55 Billion. Screw the Delaware judge.
EC
I don’t believe that it is a salary. It is Tesla stock. Musk’s wealth is in stock, not cash coming in.
Musk recently stated that he would need 25% ownership of Tesla to stay “interested”. This appears to be what that is in reference to. The board wanted to retain Musk’s present involvement. Metal Drummer didn’t, and seems to be calling the shots.
I don’t know if the Tesla board can overcome this, but I would expect Musk to step down as Tesla CEO. Maybe he would become CTO, as he expressed interest in Tesla’s robotic manufacturing.
Thanks for that overview.
Was not in the mood to go trudging through the tundra of “required reading”.