Ex-Tesla Worker Says Timing of Firing Cost Him Shares

A former Telsa employee is suing the company, saying that it fired him just one day before he would have been entitled to almost a quarter million dollars in stock options.

Stephen Platt was a machinist working at Tesla’s Fremont factory. According to Platt, he was hired on Aug. 27, 2012, and fired on Aug. 26, 2013.

When he took the job, Platt said he had been offered 2,500 shares of Tesla stock, with one-quarter of that scheduled to vest 12 months after his first day of employment. He would have been able to purchase 625 shares for $27.37 each after a year of work. The day he was terminated, Tesla shares were trading at $164.22 each. Today the shares would be worth more than $240,000 total.

Platt’s court filing said that he had been told he would be getting a raise for his performance the month before his dismissal.

SEE ALSO: Pro-Union Tesla Workers Increase Pressure As Factory Ramps Up For Model 3

A Tesla spokesperson told Bloomberg in an email statement that Platt had a documented record of poor performance. It also said that although he isn’t entitled to the stock, that Tesla would take a look at the circumstances and do what’s fair.

Platt and his attorney are seeking class-action status for all employees who joined the company under the same terms. The suit estimates that to be at least 200 former workers.

“Tesla is cheating its employees out of stock options that they are entitled to, and they are worth a significant amount of money,” Yosef Peretz, Platt’s San Francisco-based attorney, said in an interview with Bloomberg.

The allegations have yet to be heard in court.

Bloomberg


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