Elon Musk Gets Closer to a $346 Million Payday

Elon Musk Gets Closer to a $346 Million Payday

China is the world's biggest auto market and one that is beginning to transition to electric vehicles with government support, so it's an important market for Tesla's future growth. He only makes money out of stock options that also only vest when Tesla hits certain milestones and targets. His compensation package would let him buy another 20.3 million shares if all of his options vest. It only needs to climb another six percent to cross the $100 billion mark and stay there for six months to trigger the vesting process of Musk's award package.

Another payment will come if the market value reaches US$150 billion, and again at every further US$50 billion up to US$650 billion, if additional financial targets of higher revenues or fatter profits are also hit.

"This is the very definition of pay for performance", stated Ian Keas, senior director at Longnecker & Associates, a compensation and governance consulting firm.

Tesla did not commend on Musk's first pay package, the board defended the chief executive for earning huge from the stock top-up. Tesla' stock value has gone up dramatically in the last three months and has more than doubled. And as shares continue to soar, Tesla CEO Elon Musk is closer to receiving the first portion of a huge pay package that the electric carmaker's board approved in early 2018.

Tesla's new Shanghai factory recently started production of the mass-market Model 3 for the Chinese market just a year after breaking ground. Tesla has since awarded stock to employees and a year ago sold $2.7 billion in shares and convertible bonds. "That is the billion dollar question".

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Tesla has been the top shorted stock before, even though it's about 14 times smaller than Apple.

When Tesla first unveiled Musk's package in 2018, it said Musk could in theory reap as much as $55.8 billion if no new shares were issued.

The award, which was granted to Musk on January 21, 2018, was $2.6 billion in total.

The carmaker's activity in both the USA and China has been successful in recent weeks.

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