Lates News

After Musk received shareholder approval for a $100 billion compensation plan, his competitor, the American electric vehicle manufacturer Rivian, announced on Friday that a compensation plan worth up to $4.6 billion has been set for CEO and founder RJ Scaringe. The plan will tie rewards to the company's profits and stock performance over the next ten years. Rivian stated that Scaringe will receive options to purchase up to 36.5 million shares of Class A common stock with an exercise price of $15.22 per share, which is about 16 million more shares than his previous rewards. The options will be subject to phased performance conditions over the next ten years, including different stage targets for the company's stock price to reach between $40 and $140 per share, as well as new metrics such as operating revenue and cash flow to be achieved over the next seven years.