Tesla CEO Elon Musk has secured a compensation package worth 200 trillion Korean won, which he nearly did not receive. On that day, Musk wrote on his X, “I try not to start fights, but if they start, I finish them.”
According to Bloomberg and other foreign media on the 19th (local time), the Delaware Supreme Court ruled in favor of Tesla in the appeal regarding the company’s 2018 CEO compensation plan. The 2018 Tesla CEO compensation plan was a proposal to grant Musk stock options for 340 million shares based on management performance. This accounts for 9% of all Tesla-issued shares. However, a minority shareholder opposed this and filed a lawsuit, and the Delaware court ruled last year that the CEO compensation plan was “excessive” and invalid. Unconvinced, Musk and Tesla’s board of directors appealed, and the Delaware Supreme Court ruled on that day that Musk is eligible to receive the compensation. The panel of five judges stated, “The lower court’s ruling was an inappropriate solution” and added, “(The ruling) prevents Musk from being compensated for six years of time and effort.”
In reality, Tesla has grown rapidly over the past seven years. The stock price, which was around $20 per share seven years ago, has now reached $481. According to this ruling, the 340 million Tesla shares Musk is set to receive are estimated to be worth approximately $140 billion (207 trillion Korean won). Musk’s stake in Tesla is also expected to rise sharply from the current approximately 13% to over 20%.
Meanwhile, Tesla passed a proposal at last month’s shareholders’ meeting to grant Musk stocks worth $1 trillion (approximately 1,481 trillion Korean won) as compensation if the company achieves management goals, including a market capitalization of $8.5 trillion. This new incentive plan was established after the 2018 compensation plan was blocked by the court. Although the goals are challenging, if achieved, Elon Musk’s assets are expected to grow astronomically. According to the U.S. economic magazine Forbes, the value of Musk’s total assets was on the 15th $677 billion (approximately 1,002 trillion Korean won).
Dar es Salaam. The Bank of Tanzania (BoT) has injected $45 million into the Interbank Foreign Exchange Market (IFEM) through an auction, as part of its ongoing efforts to ensure adequate liquidity and stability of the Tanzanian shilling.
Statement issued by Directorate of Financial Market Bank of Tanzania said that according to the Bank’s Foreign Exchange Intervention Policy of 2023, the auction was conducted at a weighted average exchange rate of Sh2,449.80 per dollar.
The intervention is intended to address short-term volatility in the foreign exchange market and support the smooth functioning of currency trading.
BoT stated that such interventions are carried out when necessary to maintain orderly market conditions and to safeguard macroeconomic stability.
“By supplying foreign currency to the market, the Bank aims to meet demand pressures while promoting confidence among market participants.”
The move underscores the central bank’s continued commitment to ensuring a stable foreign exchange environment that supports economic growth and financial stability in the country.
