The Roblox logo is displayed on a banner, to celebrate the company's IPO, on the front facade of the New York Stock Exchange (NYSE) in New York, U.S., March 10, 2021. REUTERS/Brendan McDermid
April 4 (Reuters) – Gaming platform Roblox Corp’s (RBLX.N) founder and chief executive officer David Baszucki’s compensation package for 2021 totaled $232.8 million, compared with just $6.8 million a year earlier, according to a regulatory filing on Monday.
The bulk of the pay package comprises a long-term performance award for Baszucki, which was valued at $232.2 million.
Baszucki, who will not get any other direct compensation through 2027, will receive the award in parts over the years only if Roblox shares achieve certain milestones, the filing added.
The so-called “Long-Term Performance Award” is a pay method followed by some companies, including Tesla Inc, as a way to retain top executives by tying their earnings to company performance. The plan has faced criticism, as it has led to payouts worth billions to founders.
Roblox, which made it’s market debut in March last year, posted an 83% rise in revenue, but a wider-than-expected 25 cents per share loss in the fourth quarter in February. read more
Roblox shares closed trading at around $50 on Monday, about 28% lower than the closing price on March 10, 2021, their first day of trading.
Reporting by Yuvraj Malik in Bengaluru; Editing by Vinay Dwivedi
Convenience retail is becoming an increasingly data-driven business, with operators balancing tight margins, shifting consumer…
As enterprises have moved more workloads into virtualised environments, the hypervisor has become a critical…
Rally Saudi Arabia will not form part of the 2026 FIA World Rally Championship due…
Outdoor footwear is increasingly expected to do more than perform on a trail. Consumers move…
The non-alcoholic beverage market is beginning to move beyond the simple promise of drinking less.…
For clean-energy technology companies, sustainability reporting is increasingly moving beyond a compliance exercise. Investors, customers…