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馬斯克立下軍令狀,特斯拉市值不達目標放棄報酬

馬斯克立下軍令狀,特斯拉市值不達目標放棄報酬

Jen Wieczner 2018-01-28
未來10年內馬斯克將不領薪水,除非這家電動汽車公司市值接近翻倍。

伊隆·馬斯克已然以他雄心勃勃的豪賭而聞名于世,而如今這位特斯拉的首席執(zhí)行官將他自己的凈資產(chǎn)作為賭注。特斯拉于周二宣布,未來10年內馬斯克將不領薪水——沒有工資、獎金和股權——除非這家電動汽車公司市值接近翻倍

在為馬斯克表面上的無私喝彩之前,值得一提的是,這位2004年起擔任公司董事長,2008年起擔任公司首席執(zhí)行官的人,自進入特斯拉以來就從未領過工資,即使如此,他依然過得很好。確實,身家估計有215億美元的馬斯克將會在2018年及之后的十年里再次拒絕5.6萬美元的年薪,這也是加利福尼亞州規(guī)定的最低工資。

而按照新的薪酬計劃,馬斯克會富有得多——特斯拉的股東也是如此。

想要獲取之后的任何報酬,馬斯克必須要讓特斯拉如今590億美元的市值增加到1,000億美元,并讓收入或調整后利潤(即未計利息、稅項、折舊及攤銷前的利潤,也就是所謂的EBITDA)提高至少70%。如此就能達到十二級報酬中第一級的領取條件,馬斯克可以獲得價值10億美元的優(yōu)先認股權。

而馬斯克還有機會獲得比這多得多的收入。按照公司協(xié)議,如果特斯拉的市值在2028年以前達到6,500億美元(現(xiàn)在的11倍)——或是其他財務指標達到現(xiàn)在的15至21倍——馬斯克就可以獲得全部十二級報酬提供的認股權,這會讓他的資產(chǎn)凈值增加558億美元。

馬斯克真正的回報甚至還會更多。畢竟,這位首席執(zhí)行官也是特斯拉最大的股東。如果他實現(xiàn)了全部十二級業(yè)績目標,根據(jù)公司計算,他將擁有公司28.3%的股權。屆時在這家6,500億美元市值的公司中,馬斯克的股權就能給他帶來1,840億美元的凈資產(chǎn),這可能會讓他成為全球首富。(盡管由于股權稀釋的情況,例如給員工發(fā)放股份,馬斯克的持股比例最后不太可能有這么高,但他目前的持股規(guī)模也足以讓他成為當世最富有的人。)

目前,全球最富有的人是亞馬遜的首席執(zhí)行官杰夫·貝佐斯,他在亞馬遜價值1,080億美元的股票占據(jù)了他個人凈資產(chǎn)的很大一部分。馬斯克股票期權獎勵的最大值,會讓他的凈資產(chǎn)超過貝佐斯,這甚至還沒有考慮他擁有的另一家公司SpaceX。(當然,如果亞馬遜的估價在這段時間內增長了至少71%,同樣放棄傳統(tǒng)工資的貝佐斯很可能可以保住他全球首富的頭銜。)

盡管金錢是強大的激勵,但目前還不清楚遞增獎項在多大程度上提高了馬斯克在特斯拉的表現(xiàn)。盡管2012年達成的上一份協(xié)議中,約定獲得滿額報酬需要達成的十項指標,馬斯克已經(jīng)完成了九項,但他還沒有執(zhí)行任何股票期權。在他目前持有的全部特斯拉股份中(約3,360萬股),大部分都是在特斯拉2010年上市前獲得的。

原有的薪酬計劃鼓勵馬斯克達成比過去更多種類的不同目標。批評者擔心這將以其他的業(yè)績作為代價。2012年以來,馬斯克的股權獎勵條件不僅要求特斯拉達到特定的市值門檻(目前已經(jīng)全部達成),還要求公司達成十項運營目標,包括推出第一批Model X和Model 3車型,生產(chǎn)汽車數(shù)達到30萬等。

相比之下,新的薪酬計劃鼓勵馬斯克重點提高銷售額、利潤和特斯拉的股價,不要求他負責生產(chǎn)指標。這也讓他從許多難以捉摸的指標中解脫出來——例如,2012年的協(xié)議中,馬斯克唯一未能克服的明顯障礙是:要求特斯拉連續(xù)四個季度至少實現(xiàn)30%的毛利率。特斯拉的毛利率上一次這么高還是在2012年第一季度。

當然,特斯拉之前多次證明了懷疑論者的錯誤——過去五年里,公司股價上漲了超過1,030%,讓看衰的投資者和買空型投資者預測落空,為了讓生產(chǎn)保持正軌,馬斯克甚至睡在工廠。如果馬斯克可以處理好特斯拉這次最新的挑戰(zhàn),他就能躋身沃倫·巴菲特、比爾·蓋茨等全球最富有的億萬富翁的行列。(財富中文網(wǎng))

譯者:嚴匡正?

Elon Musk is already known for his ambitious bets, but the Tesla CEO is now gambling with his own net worth: Tesla announced Tuesday that it would pay Musk nothing for the next 10 years—no salary, bonus, or stock—unless the electric car company nearly doubles in value.

Before lauding Musk for his apparent selflessness, though, it’s worth noting that the billionaire, who has served as Tesla’s chairman since 2004 and as its CEO since 2008, has been getting along just fine despite never receiving a salary as long as he has been with the company. Indeed Musk, worth an estimated $21.5 billion, will once again refuse his annual paycheck of $56,000—California minimum wage—in 2018 and the decade thereafter.

Under the new payment plan, however, Musk could actually become much, much richer—and so could Tesla (TSLA, +0.12%) stockholders.

To earn any compensation going forward, Musk must grow Tesla, whose current market capitalization is about $59 billion, to $100 billion in market cap, and also increase its revenues or adjusted earnings (before interest, taxes, depreciation and amortization, a.k.a. EBITDA) by at least 70%. That would satisfy the first milestone of the 12-level compensation ladder, allowing Musk to collect stock options worth an additional $1 billion.

But Musk also has the opportunity to collect a significantly bigger windfall. If Tesla’s market value reaches $650 billion (an 11-fold increase) by 2028—and if the other financial measures multiply between 15 and 21 times—Musk can keep all dozen tranches of stock options, netting him an additional $55.8 billion, according to the company.

Musk’s real reward would be even greater. After all, the CEO is also Tesla’s largest shareholder, and if he hits all 12 performance milestones, the company calculates Musk would own as much as 28.3% of Tesla. With that large a stake of a $650 billion company, Musk’s net worth would surge to $184 billion in Tesla stock alone—potentially making him the richest person in the world. (Although Musk’s stake is unlikely to end up that large due to dilutive events, such as stock issuance to employees, the size of his current Tesla holdings would be enough to make him the richest person alive today.)

The world’s wealthiest person is currently Amazon (AMZN, +2.69%) CEO Jeff Bezos, whose $108 billion worth of Amazon stock makes up the lion’s share of his net worth. Musk’s maximum stock option award would boost his net worth—even before factoring in his ownership in his other company SpaceX—above that of Bezos. (Of course, if Amazon stock rises at least 71% in the meantime, Bezos, who also foregoes a traditional salary, would likely maintain his title atop the world’s rich list.)

While money is a powerful incentive, it’s not clear how much the incremental awards have driven Musk’s performance at Tesla. Besides forfeiting a salary, Musk also has yet to exercise any of the stock options he has collected as part of his previous compensation agreement from 2012, despite having achieved nine out of 10 milestones required to to receive the maximum amount. Of the Tesla stock he currently owns (some 33.6 million shares), Musk acquired the vast majority of it before Tesla even went public in 2010.

The new compensation scheme also incentivizes Musk to hit different types of targets than he has in the past, which critics worry will come at the expense of other achievements. Since 2012, Musk’s stock awards have depended not only upon Tesla reaching certain market valuation thresholds (all of which it has fulfilled), but upon accomplishing 10 operational goals, including rolling out its first Model X and Model 3 cars, and also producing its 300,000th vehicle.

By contrast, the new pay plan encourages Musk to focus on increasing sales, profits and the Tesla stock price without holding him accountable to meeting production quotas. It also untethers him from certain milestones that have remained stubbornly elusive—for example, the only outstanding hurdle from the 2012 agreement which Musk has failed to meet: The requirement that Tesla maintain a gross margin of at least 30% for four consecutive quarters. The last time Tesla’s gross margin was that high was the first quarter of 2012.

Of course, Musk has proven skeptics wrong multiple times before—defying bearish investors and short-sellers to achieve a more than 1,030% in Tesla stock over the past five years, and going so far as to sleep at the factory to keep production on track. If Musk can rise to this latest challenge at Tesla, he’ll also earn his place among Warren Buffett, Bill Gates, and the other wealthiest billionaires on the planet.

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