Elon Musk allows himself the first trance of the salary: 770 million dollars in stock options – La Stampa


Tesla CEO Elon Musk has unlocked the first part of his $ 55 billion compensation package: $ 770 million in stock options. The billionaire entrepreneur, who does not receive a salary from Tesla, had opted for a 12-tranche compensation plan in 2018, based on the achievement of certain milestones by the company.

The first of the two conditions to reach the first tranche was met in early May, when the average value of Tesla on the stock exchange exceeded $ 100 billion for six months. Yesterday Tesla’s board of directors certified the completion of the second requirement: the achievement of $ 20 billion in revenue.

Achieving these goals allows Musk, 48, to exercise the stock options tool and buy more than 1.6 million shares at $ 350.02 each while the value of the company’s shares on Thursday reached 805, $ 81. If sold at current value, these shares could earn more than $ 770 million in earnings but Musk must retain them for at least five years.

The result is a small step in an ambitious plan that aims to increase Tesla’s market value to $ 650 billion by the end of the decade. It is not yet clear whether Musk exercised the option to purchase the shares. Its assets, according to the Bloomberg billionaires index, are worth nearly $ 40 billion.

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