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Tesla CEO Elon Musk on Monday told employees they’ll be eligible for stock-based compensation if they stand out.
According to reports, Mr. Musk said the company will conduct a comprehensive review this week to determine which employees have gone above and beyond and deserve the compensation. The program will be ongoing, with top employees regularly receiving rewards.
The announcement comes just days after Mr. Musk won back his $56 billion pay package of 303 million Tesla stock options at the company’s annual shareholder meeting.
While employees will certainly get value from Tesla’s stock, the shares aren’t worth as much as last year. Their price has dropped nearly 25% since the start of 2024.
At the beginning of the year, the company dealt with slowing demand for electric vehicles and increased competition. While sales of EVs have improved overall, Tesla has yet to make serious improvements in its sales. In response, Tesla announced it would be laying off 10% of its global staff, including its public affairs and Supercharger teams.
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