- Tesla CEO Elon Musk, who doesn't take a salary from the company, has officially unlocked the first part of his $55 billion compensation package , the company said Thursday.
- Tesla announced in an updated regulatory filing that its board has certified the requirements $20 billion in revenue and a sustained market cap of $100 billion to unlock the first tranche of stock options available for Musk to purchase at a hefty discount.
- As of Thursday, the billionaire can buy 1,688,670 shares at $350.02 a piece, or 79% below the stock's closing price Thursday. He must hold the shares for five years.
- The next 11 of the pay plan's tranches involve progressively higher revenue, earnings targets, and market capitalizations, as approved by shareholders in 2018.
- Musk is worth some $40 billion on paper, according to Bloomberg's Billionaire's Index, but the billionaire is " cash poo r" and has relied on mortgages and loans for daily expenses because most of his wealth is held as Tesla stock, of which he is the largest owner.
- Read more about Musk's elaborate compensation plan here.
REUTERS/Noah Berger
ADVERTISEMENT
See Also:
- Elon Musk pitted the Tesla Cybertruck against the Ford F-150 and Porsche 911. See how the futuristic off-roader compares with the pickup-truck legend and the iconic sports car.
- Elon Musk says he wants to make a new Tesla truck smaller than the forthcoming Cybertruck
- Elon Musk's Boring Company has finished the tunneling for its Tesla-powered people mover in Las Vegas