News From The Right Side

Elon Musk Just Fired 50% Of All Twitter Employees

Elon Musk Says He is Looking for Someone to Take Over as Boss for Twitter

Elon Musk will appoint a CEO for Twitter.

Elon Musk Says He is Looking for Someone to Take Over as Boss for Twitter. He said this as different factions argue over his compensation package at Tesla. Musk gets no base pay. He is awarded bonuses to meet certain goals. In other words, Musk makes no money unless investors do. That seems extremely fair to me. There was some concern about spending all of his time on Twitter. Musk assured them that he intends to appoint someone to run the social platform.

Elon says the transformation of Twitter will be complete by the end of the week. He also allayed fears over the use of Tesla engineers who worked on Twitter did so voluntarily and on their own time, not the company’s.

The trial is examining Tesla’s 2018 compensation plan for the billionaire. The compensation package included a stock option. The year before Tesla lost two billion dollars, but Musk was able to reach one of the bonuses based on performance. In 2020 Tesla increased in value by 743%. So, why are the stockholders griping? He made them a boatload of money. Tesla stock had the best returns of any stock in the market.

A statement from the company said:

“As Tesla continues to grow, we have created a new 10-year performance award for Elon that incentivizes him to not only continue to lead Tesla over the long-term, but to help the company achieve these great goals. You will find more details about the proposed award in the following pages, but the basic premise is simple — Elon’s compensation will be 100% aligned with the interests of our stockholders.”

“Elon will receive no guaranteed compensation of any kind — no salary, no cash bonuses, and no equity that vests by the passage of time. Instead, Elon’s only compensation will be a 100% at-risk performance award, which ensures that he will be compensated only if Tesla and all of our stockholders do extraordinarily well. The award consists of stock options that vest only if Tesla achieves specific milestones, which if fully achieved would make Tesla one of the most valuable companies in the world with a market capitalization of at least $650 billion — more than 10x today’s value.”

CNN reported in August 2021:

“Four of Musk’s stock tranches vested during the course of 2020, giving him the right to buy 33.8 million shares at an exercise price of $2.4 billion. As of Friday’s close, those stocks were worth $21.9 billion.”

How many boards of companies would jump at the chance to get a top-flight CEO who gets paid strictly on incentives?

McDonald’s ousted former CEO Steve Easterbrook for having multiple affairs with subordinates and then lying about it. He was paid $42 million dollars in severance pay.

Andrew Mason made a complete mess out of Groupon and for that, he received $34 million in severance pay.

Gary Forsee for Sprint-Nextel received $40 million in severance pay.

Bill Johnson of Duke Energy is probably the best example. He received $44 million dollars for the 22 minutes he spent as the CEO.

From Complex

Est. severance package: $44 million

One day at Duke Energy made Bill Johnson $44 million richer. No lie. The country’s largest electric power holding company provided Johnson with the lucrative multi-million-dollar payout for what’s been said to be “20 minutes on the job.” That’s nearly $2 million for each minute.

 

Author

  • Steven Ahle

    My investigation into a DHS program that instructed law enforcement to treat Christians as terrorists won me the 2014 CJN Journalist of the Year award. Here is a video of Glenn Beck reading my article on his program: https://www.youtube.com/watch?v=7y6asmOkdNE&t=282s I am a troll bridge. You can cross me, but you will pay a price.

Share the Post:

Comments 4

  1. JOHN LLOYD SCHARF says:

    On 9/17/22, I was permanently suspended for calling Biden a “ignorant slut” about 10th Amendment law in the vein of SNL’s “Jane, You ignorant slut.”
    On 10/3/22, I was UNSUSPENDED and apologized to saying I had not violated the rules.
    On 11/16/22, I made reference to it and said I would not apologize using a line from a 1959 movie, Paths of Glory. I am now permanently suspended again.
    Given some of the same behaviors and worse against me were reported and RULED not against the rulees, Twitter remains arbitrary, ambiguous, and Abusive.
    @elonmusk has a long way to go to call Twitter a public square for information and political freedom.

    • Sunshine Kid says:

      Suspended for quoting a movie line? That’s one reason I never ever created a bird calls account. I can understand being suspended for threats or criminal acts promotions, but being suspended for public opinion or quoting other sources, that stinks.

  2. Jack says:

    If the man just sneezes – that’s news. Anyhow, I can’t blame him for outsourcing search for ‘boss’ – he bit off quite a chew there and needs the help – especially since he’s working round the clock for nothing except title.

Leave a Reply

Your email address will not be published. Required fields are marked *