8 ms·
Job offer or not, $42 million for doing almost nothing is a great deal.
by throwaway_1928 4y ago
Job offer or not, $42 million for doing almost nothing is a great deal.
- nr2x 4y agoSign me up.
- black_13 4y agoSee my previous comments
- HeyLaughingBoy 4y agoNot if your one desire is to run large corporations and you're easily bored.
- saghm 4y agoI'd consider myself easily bored, but I think $42 million would give me plenty of novel ways to entertain myself. (I definitely would _not_ want to run a large corporation though, so I guess it's a good thing I'd never get hired for one of these jobs anyways)
- FridgeSeal 4y agoHell, even if you managed a year or two, you’re still walking away with tens of millions that’s pretty close to financial security for the rest of your life.
- patrickdavey 4y agoTens of millions is only "pretty close to financial security". Wow.
- sitzkrieg 4y agoonly on HN
- vram22 4y agoReminds of that "temporarily embarrassed millionaires" quote ... /cc @sitzkrieg (sibling comment)
- vram22 4y agohttps://www.google.com/search?q=quote+temporarily+embarrassed+millionaires https://www.google.com/search?q=quote+temporarily+embarrasse...
- IAmGraydon 4y agoI think there's a part of the HN population that has delusions of becoming billionaires one day, so they talk about tens of millions like it's not much. They'll likely never have either.
- FooBarBizBazz 4y agoFinancial security in the Bay Area requires a house there ($2-3M, nowadays) plus $COST_OF_LIVING/4%. This is easily $5M net worth. It's in "two Googlers and a successful exit at some point earlier" territory. Granted, this threshold is less than $10M, but it isn't orders of magnitude less All of which is to say that it is basically impossible to stay in the Bay long-term unless you make an absolute fuckton of money. Well, you do have two other options. One is to commute in 2hr or more every day. Which a lot of service workers have to do. The other is to share a house or apartment with roommates (if you're single) or with another family (surprisingly common, because what else can you do?). These are both lifestyle decisions that differ substantially from what most people think of as "normal", past your 20s. What I'm saying is, merely living a "normal middle class" lifestyle in the Bay requires absurd money. So I can understand why people act like absurd money is normal.
- AYBABTME 4y agoYou don't need $5M to be "safe" in the Bay Area. You do need some money - enough to afford to get a mortgage on a place to stay - but once you get past that, things get easier. The thing is, it takes money to start making money. It takes money to start to be able to afford the things that will make your cost of living go down. It does suck, but it's not $5M.
- totetsu 4y agoLike lossing it all day trading XD
- _carbyau_ 4y agoMy one desire is to be financially independent. We don't all get what we want. With 42 million, he's fine. Time to care about someone else.
- brutus1213 4y agoI'm always curious .. how do these execs negotiate such contracts (where contingencies like getting acquired/fired lead to a payoff). Does this start at the VP or EVP level? I assume there are professionals/lawyers involved in the contract part (representing the exec I mean)?
- aenis 4y agoI'd recommend reading "Barbarians at the gate". It will give you a very good idea. When it comes to levels, those kind of golden parachutes are offered only at top levels. VPs, SVPs, etc. are help and get normal packages when they leave, at least in normal, large blue chip companies.
- bitexploder 4y agoSmaller orgs VP level. Larger EVP. You almost always retain a lawyer to review these things. Change in control is a very common trigger for a lot of things in most employment contracts of this nature. The downside is you end up with much more ironclad covenants and restrictions. But your comp is often at a FU level if you do get fired so it balances most of the time.
- michaelt 4y agoYou might enjoy reading the book "Pay without Performance: The Unfulfilled Promise of Executive Compensation" [1] TLDR: Companies don't engage in arms-length negotiation with CEOs. Shareholders don't hold companies to account for various structural reasons. [1] http://www.pay-without-performance.com/ http://www.pay-without-performance.com/
- urthor 4y agoIt's simple. You say "this company turns over 20 billion a year revenue. If I want to I can flush the whole damn lot down the toilet." "Pay me to not do a shit job." Latest in executive compensation research. As advocated by expensive consultancies.
- credit_guy 4y agoI think some CEOs actually do that. For example the CEO of Boeing certainly decided to flush the thing down the toilet.
- hnews_account_1 4y ago$42 million is a pittance for a man at his level. VCs with a tenth of the risk have taken home more money than that over the years from several deals. He has also been at the company for a very long time. I’d be enraged at a $42 million exit when I’m a child prodigy who has worked his ass off to finally helm one of the most publicly visibly corporations on the planet.
- ransom1538 4y agoI wonder if he will leave Cali to avoid taxes?
- sgjohnson 4y agoToo late for that.
- ascar 4y agoMost child prodigies and most people that work their ass off don't become millionaires, much less ones that can earn a million a year from interest. Also he did receive compensation for all the years he worked, no?
- hnews_account_1 4y agoWhy are you being intentionally dense? Compensation in the valley comes in the form of stock options more than anything else. This is like saying someone slightly less consequential to google than Jeff dean or Sanjay ghemawat should be happy with $50 million for giving a large portion of their lives to the company. Are you guys smoking something? Most child prodigies don’t even work in corporate America and a lot of them don’t care for wealth. They’d rather go into theoretical physics or pure math.
- geodel 4y agoHuh, it's just a job even at position of CEO. To think he has taken risk while doing his well paid job is freaking hilarious. He did not build the company,nor is he some A level tech celebrity. So 42 million is BIG FUCKING DEAL.
- donthellbanme 4y ago
- black_13 4y agoWhat fucking sinful country i live in
- Stratoscope 4y ago> $42 million I would be happy enough right now with an extra $420,000!
- eyelidlessness 4y agoThat would be nice
- serenitylater 4y ago
- jgalt212 4y agonot almost nothing. He's a bit of a tackling dummy at this point. That being said, he's the world's best paid tackling dummy. Even if Musk purchase does not go through, not sure how he stays as the board basically said when they agreed to Musk's offer we have no current plans to create anywhere near the value Musk says he can.