More On: elon musk
Celebrities and journalists are outraged after losing their blue checkmarks on Twitter
What Are Justifiable Fears About AI?
Elon Musk talks about whether or not he has seen proof of alien life
Elon Musk tells Tucker Carlson that the U.S. government was able to read the direct messages of Twitter users
Workers at Tesla used cameras in customers' cars to spy on them
Tesla’s meteoric stock growth on Monday qualified CEO Elon Musk for a $700 million payday, just three days after he tweeted that the share price was “too high.” The electric automaker’s 8 percent spike on Monday brought the company’s stock market value to an average of more than $100 billion over the past six months, …
Tesla’s meteoric stock growth on Monday qualified CEO Elon Musk for a $700 million payday, just three days after he tweeted that the share price was “too high.”
The electric automaker’s 8 percent spike on Monday brought the company’s stock market value to an average of more than $100 billion over the past six months, triggering the first milestone in the 48 year-old’s $50 billion pay package.
With the $100 billion average safely in pocket, Musk now has the option to buy 1.69 million Tesla shares at $350 a pop. At Tesla’s Monday closing price of $761, the billionaire could flip his new shares for a profit of just under $700 million.
To earn his full, $50 billion award, Musk would have to lead Tesla to a market cap of $650 billion by 2028. Tesla’s board signed off on the compensation package in March 2018, when Tesla’s market cap was $52.46 billion.
If he doesn’t reach any milestones, according to the company’s filing, he will not get paid. The South Africa-born billionaire then has eight years left to clear 11 more valuation hurdles, mostly in $50 billion increments, which would fetch him roughly $5 billion each.
Musk does not take a salary from Tesla, and only earns money through performance-based rewards.
A full payoff for Musk, who is also the majority owner and CEO of the SpaceX rocket maker, would surpass anything previously granted to US executives.
A representative for Tesla did not respond to The Post’s request for comment.
Musk’s potential payday comes just a day after he listed two Bel Air mansions on real estate site Zillow, following a series of tweets where he said he would “own no house” and get rid of most of his possessions.
The $100 billion tranche was also triggered the same day that Musk said he welcomed a child with pop star Grimes.
