Tesla employees demand raise as company's stock soars

Tesla employees demand raise as company's stock soarsTesla employees demand raise as company's stock soars

Tesla sales employees say they’re being paid peanuts — even as billionaire CEO Elon Musk stands to reap a hefty windfall from the company’s recent stock boom. The workers have launched an online petition demanding a 15-percent hike in their base pay, saying recent internal changes at the electric car maker have made it harder to make ends meet. The raise would bring Tesla’s sales advisers and vehicle prep specialists closer to a “living wage” after the company slashed commissions without significantly raising wages, according to the petition, which had more than 350 signatures as of Thursday morning. “We have been told to be scrappy while watching our wages diminish, our workload increase, and continuous promises of a better future if we push though now,” Dare Brewer, a Tesla adviser in Richmond, Virginia, wrote in the petition. “… The company is doing exceedingly well with stocks and sales but the amount we make has decreased.” The employees’ demands come as Tesla’s stock price hovers around $500 after more than doubling over the last three months. The rally has followed the opening of Tesla’s first factory in China, a major market for electric vehicles, as well as stronger-than-expected delivery numbers for the end of last year. Musk — who’s already worth about $29 billion — stands to get $346 million in vested stock options once Tesla’s market value hits $100 billion and maintains that level for a one-month and six-month average. The company’s market cap stood at nearly $90 billion Thursday morning ...
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