Tesla’s CEO Elon Musk to get payout of nearly $800 million

Tesla’s CEO Elon Musk to get payout of nearly $800 million
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Tesla Inc. TSLA, +0.45% Chief Executive Elon Musk has earned the first of 12 tranches upon hitting milestones which part of his compensation hinged, with Musk now having the option to buy about 1.7 million Tesla shares at $350.02 a share, the company said in a filing late Thursday.

That would mean a profit around $775 million for the CEO; Tesla shares ended Thursday at $805.81. As MarketWatch has reported, as part of a performance-award agreement in Musk’s 2018 compensation package, the executive would stand to receive options to purchase shares if Tesla reaches certain benchmarks, an important one being a market capitalization averaging $100 billion for six months.

It was not clear whether Musk had exercised his options. The filing also set the Tesla’s general meeting for July 7 in Mountain View, Calif.

Source: MarketWatch

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