Tesla CEO Elon Musk has announced that the company will be implementing a new system to reward exceptional performance with stock option grants. This move is intended to recognize and reward high performers at Tesla who go above and beyond for the company. According to sources, there will be an ongoing program in place to award spot option grants for individuals who do something truly remarkable for Tesla.
The announcement comes after Tesla initiated layoffs in April, affecting more than 10% of its workforce. Following the layoffs, the company rehired some impacted employees and posted new job opportunities on its careers website. Some Tesla employees view Musk’s email as a positive sign, indicating a potential shift within the company.
Reuters was the first to report on Musk’s memo, which stated that Tesla did not provide merit-based stock awards in 2023. Despite disbanding its PR department in previous years, Tesla did not immediately respond to a request for comment on this latest news. The carmaker has also recently seen success in reapproving Musk’s pay package, which was originally valued at $55 billion and was reinstated following a shareholder approval vote.
In his email to Tesla staff, Musk expressed a commitment to reviewing and providing stock option grants for exceptional performance in the coming weeks. He emphasized the importance of recognizing employees’ contributions and rewarding exceptional performance within the organization.
