IREN shareholders and sceptics clash over co-CEOs ‘egregious’ pay package
Critics, including a prominent short-seller, say IREN’s Sydney based co-CEOs will be paid more than Nvidia’s Jensen Huang — who leads a company more than 300 times bigger.
Nasdaq-listed Australian neocloud IREN may have pivoted away from bitcoin mining, but the battle between shareholders and short sellers over the high-flying stock resembles the fervent online debates often seen in crypto communities.
Over the past week, since the now USD13.9 billion ($20 billion) company announced a mammoth pay package for its Sydney-based co-CEOs, fintwit feeds tracking the stock have erupted with family offices, retail investors and even an IREN board director all clashing over the decision.
While bulls like EMJ Capital’s Eric Jackson say the grant could end up being “a footnote” many long-term supporters of the company are concerned that the package reveals deeper governance issues. Meanwhile, sceptics including legendary short seller Jim Chanos argue it will be a significant hit to the company’s bottom line.
Among the many frustrated shareholders is Neel Khokani, founder of Dubai-based family office Epochal Corporation, who holds a stake worth around USD27 million.
