I have wondered how Gerovich would maintain a large enough ownership position for while now, I guess this would explain how he intends to do it. Giving yourself a 120M payout, with the option for another 480M is pretty extreme CEO compensation for the current size of the company. I'm gona slip this negative point for mpjpy into my back pocket for a LBE postmortem I'm cooking up over the next few years.

I appreciate how fence sitter this sounds, but I genuinely don't think one can make an accurate determination on the degree of inapropriateness of this compensation package without hindsite. Making that determination is effectively making a bet on future performance of the stock, though I guess one can just look at the performance up until now with regard to the 120M. Shit gets weird when you short fiat to long bitcoin, I woulden't count anything out in either direction. It will be interesting to see if net BPS increases over the long run with this kind of dilution.

I wonder how this compares to some of the more silly compensation packages Elon-gated Musk-rat has cooked up for himself.

@remindme in 2 years.