$346 million: The amount of money Elon Musk is set to earn
16 Janvier, 2020, 15:54 | Auteur: Auguste Feret
Shares surged 9 per cent to a record high on Monday.
Shares of Tesla have doubled in price over the past three months, paving the way for a massive payday for CEO Elon Musk. If sustained between one-month and six-month average, it would trigger the vesting of the first of 12 tranches of options granted to Musk to buy Tesla stock.
Musk has already hit an operational target that is also necessary for the options to vest. He will earn the full package if Tesla's market capitalisation reaches US$650 billion and the electric carmaker achieves several revenue and profit targets.
Tesla stockholder Richard Tornetta sued Elon Musk and members of Tesla's board of directors in a Delaware Chancery Court, alleging that the award is excessive, and the board's vote to give it to him amounts to a breach of fiduciary duty.
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Musk receives no salary or cash bonus, only options that vest based on Tesla's market cap and milestones for growth.
That was also the week that Tesla's stock market value hit almost $89 billion, eclipsing the sum of General Motors' and Ford's values for the first time. The company would need to report either trailing-four-quarter revenue of $20 billion or EBITDA (minus stock based compensation) of $1.5 billion.
However, Tesla was valued at about $53 billion when shareholders approved the pay package in January 2018 and faced a cash crunch, production delays and increasing competition from rivals, viewed the pay package as massively ambitious because it implied that the company's value could grow as much as ten-fold in 10 years.
Mr Musk owns about 34 million Tesla shares, equivalent to 19 per cent of the company.
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