Tesla performance opens door to Elon Musk payday

30 Mai, 2020, 05:21 | Auteur: Therese Cote
  • Elon Musk

© Jae C. Hong, AP Tesla CEO Elon Musk speaks before unveiling the Model Y at Tesla's design studio on Thursday, March 14, 2019, in Hawthorne, Calif.

Tesla CEO Elon Musk officially unlocked the first tranche of a multi-step compensation package, spelling out a potential payday of almost $775 million for the controversial executive. This permits the CEO to purchase almost 1.7 million shares of Tesla at a pre-set price of $350.02 per share, a total cost of $595 million to be paid by Musk.

The compensation package for Musk, who founded Tesla and built it into the leading electric auto maker, is being challenged in court by a shareholder who accuses the board of having failed in its duties. Should the company's market cap skyrocket to $650 billion, around 3.8 times the value of Toyota, Musk could walk away with incentives worth around $50 billion.

Musk still has eight years left to clear 11 more valuation hurdles, mostly in $50 billion increments, which would fetch him roughly $5 billion each.

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Musk already owns 18.5 percent of Tesla, a stake valued at more than $24 billion, according to FactSet.

The South Africa-born billionaire does not take a salary from Tesla, and only earns money through performance-based rewards.

Musk is also the CEO of Space Exploration Technologies, or SpaceX, which is poised to fly NASA astronauts on one of its rockets to the International Space Station on Saturday in a milestone achievement for the company.

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